https://www.taxtmi.com/caselaws?id=302650 The ITAT overturned the CIT(A)'s decision to add 0.55% of closing creditors and debtors as bogus, citing lack of industry trend analysis or relevant provisions invoked by the AO. The ITAT found the additions were based on conjecture and directed their deletion. Reassessment proceedings were also invalidated due to insufficient proof of genuineness in high-value transactions, leading to the deletion of the additions. The burden of proof on the genuineness of creditors and debtors was disputed, with the ITAT emphasizing the lack of industry trend analysis or relevant provisions invoked, resulting in the deletion of the additions related to purchase and sale transactions. en-us Thu, 06 Jan 2022 00:00:00 +0530 Mon, 13 Jun 2022 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302650 The ITAT overturned the CIT(A)'s decision to add 0.55% of closing creditors and debtors as bogus, citing lack of industry trend analysis or relevant provisions invoked by the AO. The ITAT found the additions were based on conjecture and directed their deletion. Reassessment proceedings were also invalidated due to insufficient proof of genuineness in high-value transactions, leading to the deletion of the additions. The burden of proof on the genuineness of creditors and debtors was disputed, with the ITAT emphasizing the lack of industry trend analysis or relevant provisions invoked, resulting in the deletion of the additions related to purchase and sale transactions. Case-Laws Income Tax Thu, 06 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302650