https://www.taxtmi.com/caselaws?id=296672 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to allow only a 5% disallowance of non-genuine purchases. The ITAT emphasized that in cases of unverifiable transactions, only the profit component should be disallowed for taxation, not the entire sales consideration. The decision underscored the necessity of proving transactions conclusively and highlighted the principle of disallowing only the profit element in such circumstances. en-us Mon, 11 Jan 2021 00:00:00 +0530 Mon, 02 Aug 2021 09:02:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296672 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to allow only a 5% disallowance of non-genuine purchases. The ITAT emphasized that in cases of unverifiable transactions, only the profit component should be disallowed for taxation, not the entire sales consideration. The decision underscored the necessity of proving transactions conclusively and highlighted the principle of disallowing only the profit element in such circumstances. Case-Laws Income Tax Mon, 11 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296672