Tribunal Upholds Limiting Additions on Disputed Purchases Due to Lack of Transaction Proof; Dismisses Appeals.

Tribunal Upholds Limiting Additions on Disputed Purchases Due to Lack of Transaction Proof; Dismisses Appeals. https://www.taxtmi.com/highlights?id=75383 Estimation of income - bogus purchases - The ITAT found the CIT(A)'s decision to restrict the addition to a percentage of disputed purchases as a reasonable estimation. It was noted that without knowing the parties to whom the diamonds were sold, the onus of proving the genuineness of transactions was not fully discharged by the assessee. The ITAT upheld the CIT(A)'s approach as justified and dismissed the Revenue's appeal and the assessee's cross-objection. en-us Mon, 04 Mar 2024 22:28:28 +0530 Mon, 04 Mar 2024 22:28:28 +0530 TaxTMI RSS Generator Tribunal Upholds Limiting Additions on Disputed Purchases Due to Lack of Transaction Proof; Dismisses Appeals. https://www.taxtmi.com/highlights?id=75383 Estimation of income - bogus purchases - The ITAT found the CIT(A)'s decision to restrict the addition to a percentage of disputed purchases as a reasonable estimation. It was noted that without knowing the parties to whom the diamonds were sold, the onus of proving the genuineness of transactions was not fully discharged by the assessee. The ITAT upheld the CIT(A)'s approach as justified and dismissed the Revenue's appeal and the assessee's cross-objection. Highlights Income Tax Mon, 04 Mar 2024 22:28:28 +0530 https://www.taxtmi.com/highlights?id=75383