https://www.taxtmi.com/caselaws?id=424357 The ITAT ruled in favor of the assessee in ITA No.2746/Mum/2019 for A.Y.2007-08, directing the deletion of the disallowance of Rs.7,89,745 for alleged share purchases through M/s. Alliance Intermediates and Network Pvt. Ltd. The disallowance was found to be unwarranted as no actual share purchases took place. Additionally, the related commission expenditure of Rs.39,487 was also deleted as it was based on the incorrect assumption of share transactions through the mentioned broker. The judgment emphasized the importance of accurate assessments and evidence-based decisions in tax matters. en-us Thu, 23 Jun 2022 00:00:00 +0530 Mon, 27 Jun 2022 13:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424357 The ITAT ruled in favor of the assessee in ITA No.2746/Mum/2019 for A.Y.2007-08, directing the deletion of the disallowance of Rs.7,89,745 for alleged share purchases through M/s. Alliance Intermediates and Network Pvt. Ltd. The disallowance was found to be unwarranted as no actual share purchases took place. Additionally, the related commission expenditure of Rs.39,487 was also deleted as it was based on the incorrect assumption of share transactions through the mentioned broker. The judgment emphasized the importance of accurate assessments and evidence-based decisions in tax matters. Case-Laws Income Tax Thu, 23 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424357