https://www.taxtmi.com/caselaws?id=411788 The Tribunal dismissed the Revenue's appeals for assessment years 2006-07 and 2007-08, upholding the CIT(A)'s decision to limit the addition to 25% of alleged non-genuine purchases. The Tribunal also affirmed the allowance of deduction under section 80IA on the increased income resulting from the disallowed purchases. It found the AO's reliance on Excise Department's findings insufficient to justify full disallowance, noting the assessee's evidence supporting transaction genuineness and deduction eligibility. en-us Fri, 27 Aug 2021 00:00:00 +0530 Fri, 03 Sep 2021 09:06:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411788 The Tribunal dismissed the Revenue's appeals for assessment years 2006-07 and 2007-08, upholding the CIT(A)'s decision to limit the addition to 25% of alleged non-genuine purchases. The Tribunal also affirmed the allowance of deduction under section 80IA on the increased income resulting from the disallowed purchases. It found the AO's reliance on Excise Department's findings insufficient to justify full disallowance, noting the assessee's evidence supporting transaction genuineness and deduction eligibility. Case-Laws Income Tax Fri, 27 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411788