https://www.taxtmi.com/caselaws?id=417263 The ITAT upheld the CIT(A)'s decision in a tax dispute involving unexplained expenditure from alleged bogus purchases and hawala transactions. The appellant's failure to provide supporting evidence led to an adjustment in the addition, with profit estimated at 12.5% of the disputed purchases. Additionally, the taxation of an amount offered in a different assessment year was addressed to prevent double taxation. The decision stressed the importance of proper documentation, burden of proof on the taxpayer, and adherence to legal principles to avoid double taxation and ensure fair assessment. en-us Thu, 18 Nov 2021 00:00:00 +0530 Wed, 19 Jan 2022 08:53:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417263 The ITAT upheld the CIT(A)'s decision in a tax dispute involving unexplained expenditure from alleged bogus purchases and hawala transactions. The appellant's failure to provide supporting evidence led to an adjustment in the addition, with profit estimated at 12.5% of the disputed purchases. Additionally, the taxation of an amount offered in a different assessment year was addressed to prevent double taxation. The decision stressed the importance of proper documentation, burden of proof on the taxpayer, and adherence to legal principles to avoid double taxation and ensure fair assessment. Case-Laws Income Tax Thu, 18 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417263