https://www.taxtmi.com/caselaws?id=428682 The Bombay High Court upheld the decision of the Income Tax Appellate Tribunal and Commissioner of Income Tax, ruling in favor of the assessee in an appeal under section 260(A) of the Income Tax Act. The Court found that the additions made by the Assessing Officer under Section 69C of the Act were not sustainable, as the purchases were deemed genuine based on evidence provided, including proper banking channels and stock registers. The Court emphasized the importance of thorough inquiries by the Assessing Officer and the need for genuine documentation in tax assessments. en-us Fri, 30 Sep 2022 00:00:00 +0530 Fri, 07 Oct 2022 13:11:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428682 The Bombay High Court upheld the decision of the Income Tax Appellate Tribunal and Commissioner of Income Tax, ruling in favor of the assessee in an appeal under section 260(A) of the Income Tax Act. The Court found that the additions made by the Assessing Officer under Section 69C of the Act were not sustainable, as the purchases were deemed genuine based on evidence provided, including proper banking channels and stock registers. The Court emphasized the importance of thorough inquiries by the Assessing Officer and the need for genuine documentation in tax assessments. Case-Laws Income Tax Fri, 30 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428682