https://www.taxtmi.com/caselaws?id=409075 The Tribunal dismissed the Revenue's appeal challenging the Commissioner's order regarding the genuineness of purchases from non-existent vendors for the assessment year 2011-12. The Tribunal upheld the decision to limit the disallowance to 25% of the disputed amount, emphasizing the need to consider only the profit element in non-genuine purchases. The ruling highlighted the importance of assessing the actual impact on income rather than disallowing entire expenses based on unverified purchases. en-us Thu, 10 Jun 2021 00:00:00 +0530 Tue, 29 Jun 2021 09:57:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409075 The Tribunal dismissed the Revenue's appeal challenging the Commissioner's order regarding the genuineness of purchases from non-existent vendors for the assessment year 2011-12. The Tribunal upheld the decision to limit the disallowance to 25% of the disputed amount, emphasizing the need to consider only the profit element in non-genuine purchases. The ruling highlighted the importance of assessing the actual impact on income rather than disallowing entire expenses based on unverified purchases. Case-Laws Income Tax Thu, 10 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409075