https://www.taxtmi.com/caselaws?id=412631 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision regarding circular trading purchases, reducing the disallowance from Rs. 14,18,89,380/- to Rs. 85,13,363/-, estimating it at 0.30% of the purchases. The ITAT found the transactions were not entirely fictitious, with minimal profit margins, and dismissed the revenue's appeal due to lack of contradictory evidence, affirming the CIT(A)'s methodology and justification. The order was pronounced on 16-09-2021. en-us Thu, 16 Sep 2021 00:00:00 +0530 Thu, 23 Sep 2021 07:05:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412631 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision regarding circular trading purchases, reducing the disallowance from Rs. 14,18,89,380/- to Rs. 85,13,363/-, estimating it at 0.30% of the purchases. The ITAT found the transactions were not entirely fictitious, with minimal profit margins, and dismissed the revenue's appeal due to lack of contradictory evidence, affirming the CIT(A)'s methodology and justification. The order was pronounced on 16-09-2021. Case-Laws Income Tax Thu, 16 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412631