https://www.taxtmi.com/caselaws?id=417273 The Court dismissed the appeal challenging the ITAT order, affirming the decisions of the lower authorities. The Court found no substantial question of law requiring consideration, concluding that the dispute was factual with no perversity in the findings of the CIT(A) and the ITAT. The appellant's argument that the respondent failed to discharge the burden of proof regarding the genuineness of transactions was not accepted, as both the CIT(A) and ITAT upheld the adoption of Accounting Standard AS-7 for revenue determination, impacting the respondent's profitability if the Revenue's case was accepted. en-us Wed, 12 Jan 2022 00:00:00 +0530 Wed, 19 Jan 2022 08:54:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417273 The Court dismissed the appeal challenging the ITAT order, affirming the decisions of the lower authorities. The Court found no substantial question of law requiring consideration, concluding that the dispute was factual with no perversity in the findings of the CIT(A) and the ITAT. The appellant's argument that the respondent failed to discharge the burden of proof regarding the genuineness of transactions was not accepted, as both the CIT(A) and ITAT upheld the adoption of Accounting Standard AS-7 for revenue determination, impacting the respondent's profitability if the Revenue's case was accepted. Case-Laws Income Tax Wed, 12 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417273