https://www.taxtmi.com/caselaws?id=416624 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to restrict the disallowance to the net profit declared by the assessee. The Tribunal found that the assessee had provided substantial evidence to prove the genuineness of the transactions, and the AO's disallowance was deemed speculative. The profit element was determined as Rs. 11,54,448/-, and the remaining disallowance was deleted. The Tribunal emphasized that the CIT(A) correctly aligned the disallowance with the book results, which were deemed reliable and not disputed. en-us Tue, 14 Dec 2021 00:00:00 +0530 Sat, 01 Jan 2022 15:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416624 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to restrict the disallowance to the net profit declared by the assessee. The Tribunal found that the assessee had provided substantial evidence to prove the genuineness of the transactions, and the AO's disallowance was deemed speculative. The profit element was determined as Rs. 11,54,448/-, and the remaining disallowance was deleted. The Tribunal emphasized that the CIT(A) correctly aligned the disallowance with the book results, which were deemed reliable and not disputed. Case-Laws Income Tax Tue, 14 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416624