https://www.taxtmi.com/caselaws?id=302924 The tribunal partially allowed the appeal, reducing the disallowance to 10% of the disputed purchases. It emphasized the importance of taxing only the profit attributable to unrecorded sale consideration when the genuineness of purchases is not proven, and corroborative evidence is lacking. The decision underscored the necessity of providing primary documents and evidence to support claims of purchases, especially in cases involving alleged bogus transactions and gross profit differentials. en-us Fri, 23 Jun 2017 00:00:00 +0530 Fri, 24 Jun 2022 07:47:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302924 The tribunal partially allowed the appeal, reducing the disallowance to 10% of the disputed purchases. It emphasized the importance of taxing only the profit attributable to unrecorded sale consideration when the genuineness of purchases is not proven, and corroborative evidence is lacking. The decision underscored the necessity of providing primary documents and evidence to support claims of purchases, especially in cases involving alleged bogus transactions and gross profit differentials. Case-Laws Income Tax Fri, 23 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302924