https://www.taxtmi.com/caselaws?id=448961 The Tribunal partly allowed the appeals for assessment years 2009-10 and 2010-11, reducing the disallowance of suspicious purchases from 12.5% and 10% to 8% for both years. This decision was based on the assessee's failure to prove the genuineness of purchases while recognizing the necessity of materials for the construction business. The Tribunal's judgment was consistent with a relevant HC decision, balancing the prevention of revenue leakage with the legitimate operational needs of the assessee. en-us Wed, 31 Jan 2024 00:00:00 +0530 Fri, 02 Feb 2024 07:51:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448961 The Tribunal partly allowed the appeals for assessment years 2009-10 and 2010-11, reducing the disallowance of suspicious purchases from 12.5% and 10% to 8% for both years. This decision was based on the assessee's failure to prove the genuineness of purchases while recognizing the necessity of materials for the construction business. The Tribunal's judgment was consistent with a relevant HC decision, balancing the prevention of revenue leakage with the legitimate operational needs of the assessee. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448961