https://www.taxtmi.com/highlights?id=75072 Bogus purchase bills from certain ‘hawala’ dealers - The Tribunal found the assessee failed to substantiate the genuineness of the purchases from alleged Hawala dealers, with various evidences like returned notices, inability to produce vendors, and lack of stock register verification supporting the Assessing Officer's conclusions. - The Tribunal rejected the assessee's argument for restricting disallowance to a certain percentage of gross profit, emphasizing the absence of concrete evidence like a stock register to establish the actual receipt and sale of goods corresponding to the bogus purchases. - Addition against entire amount of bogus purchase confirmed. en-us Wed, 21 Feb 2024 07:12:05 +0530 Wed, 21 Feb 2024 06:07:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75072 Bogus purchase bills from certain ‘hawala’ dealers - The Tribunal found the assessee failed to substantiate the genuineness of the purchases from alleged Hawala dealers, with various evidences like returned notices, inability to produce vendors, and lack of stock register verification supporting the Assessing Officer's conclusions. - The Tribunal rejected the assessee's argument for restricting disallowance to a certain percentage of gross profit, emphasizing the absence of concrete evidence like a stock register to establish the actual receipt and sale of goods corresponding to the bogus purchases. - Addition against entire amount of bogus purchase confirmed. Highlights Income Tax Wed, 21 Feb 2024 07:12:05 +0530 https://www.taxtmi.com/highlights?id=75072