https://www.taxtmi.com/caselaws?id=310402 The Tribunal upheld a 100% disallowance of alleged hawala purchases by the appellant, a Government Civil Contractor, due to insufficient evidence of the existence of hawala operators and the physical movement of goods. The CIT(A)'s decision to restrict disallowance to a Gross Profit ratio was overturned, as it contradicted legal precedents such as "N.K. Proteins Ltd." The Tribunal emphasized the lack of primary evidence and the appellant's failure to prove the genuineness of transactions, leading to the full disallowance based on taxation principles and relevant legal precedents. en-us Tue, 15 Nov 2022 00:00:00 +0530 Sun, 22 Oct 2023 21:43:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310402 The Tribunal upheld a 100% disallowance of alleged hawala purchases by the appellant, a Government Civil Contractor, due to insufficient evidence of the existence of hawala operators and the physical movement of goods. The CIT(A)'s decision to restrict disallowance to a Gross Profit ratio was overturned, as it contradicted legal precedents such as "N.K. Proteins Ltd." The Tribunal emphasized the lack of primary evidence and the appellant's failure to prove the genuineness of transactions, leading to the full disallowance based on taxation principles and relevant legal precedents. Case-Laws Income Tax Tue, 15 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310402