https://www.taxtmi.com/caselaws?id=301228 The CIT(A) limited the disallowance of claimed expenses to 12.5% of total purchases, reducing it from Rs. 1,63,27,255 to Rs. 20,40,905. The Tribunal upheld this decision, dismissing the Revenue's appeal against the deletion of Rs. 1,42,86,350 addition for alleged non-genuine purchases. The assessee's cross-objection for a 5% disallowance was partially allowed, resulting in a token disallowance of Rs. 8,16,362. The Tribunal referenced a previous case to justify the 5% disallowance, highlighting inconsistencies in supplier statements. Ultimately, the Revenue's appeal was dismissed, and the cross-objection was partly allowed. en-us Mon, 18 Jun 2018 00:00:00 +0530 Tue, 22 Mar 2022 08:57:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301228 The CIT(A) limited the disallowance of claimed expenses to 12.5% of total purchases, reducing it from Rs. 1,63,27,255 to Rs. 20,40,905. The Tribunal upheld this decision, dismissing the Revenue's appeal against the deletion of Rs. 1,42,86,350 addition for alleged non-genuine purchases. The assessee's cross-objection for a 5% disallowance was partially allowed, resulting in a token disallowance of Rs. 8,16,362. The Tribunal referenced a previous case to justify the 5% disallowance, highlighting inconsistencies in supplier statements. Ultimately, the Revenue's appeal was dismissed, and the cross-objection was partly allowed. Case-Laws Income Tax Mon, 18 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301228