https://www.taxtmi.com/highlights?id=76047 Bogus purchases - Burden of proof - The Tribunal found that the assessee had adequately demonstrated the genuineness of purchases through detailed documentation and accounting records. The purchases were correlated with corresponding sales, further validating their authenticity. - The Tribunal noted the absence of an opportunity for cross-examination regarding the supplier's statement, emphasizing the importance of procedural fairness. Without proper validation, the statement lacked evidentiary weight. - The absence of incriminating evidence during the search further bolstered the assessee's case. - Ultimately, the ITAT dismissed the Revenue's appeal. en-us Tue, 26 Mar 2024 07:52:33 +0530 Sun, 24 Mar 2024 13:27:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=76047 Bogus purchases - Burden of proof - The Tribunal found that the assessee had adequately demonstrated the genuineness of purchases through detailed documentation and accounting records. The purchases were correlated with corresponding sales, further validating their authenticity. - The Tribunal noted the absence of an opportunity for cross-examination regarding the supplier's statement, emphasizing the importance of procedural fairness. Without proper validation, the statement lacked evidentiary weight. - The absence of incriminating evidence during the search further bolstered the assessee's case. - Ultimately, the ITAT dismissed the Revenue's appeal. Highlights Income Tax Tue, 26 Mar 2024 07:52:33 +0530 https://www.taxtmi.com/highlights?id=76047