https://www.taxtmi.com/caselaws?id=752587 The ITAT dismissed the Revenue's appeal against the NFAC's order concerning the quantum of assessment for A.Y. 2009-10. The Revenue's challenge to the CIT(A)'s decision to restrict disallowance to 12.5% of purchases was rejected. The Tribunal upheld the CIT(A)'s estimation, finding the AO's complete disallowance unjustified, and concluded that the purchases were not outside the books, suggesting possible involvement with hawala dealers to inflate costs. The Tribunal deemed the CIT(A)'s decision reasonable, leading to the appeal's dismissal. en-us Wed, 20 Mar 2024 00:00:00 +0530 Tue, 14 May 2024 06:53:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752587 The ITAT dismissed the Revenue's appeal against the NFAC's order concerning the quantum of assessment for A.Y. 2009-10. The Revenue's challenge to the CIT(A)'s decision to restrict disallowance to 12.5% of purchases was rejected. The Tribunal upheld the CIT(A)'s estimation, finding the AO's complete disallowance unjustified, and concluded that the purchases were not outside the books, suggesting possible involvement with hawala dealers to inflate costs. The Tribunal deemed the CIT(A)'s decision reasonable, leading to the appeal's dismissal. Case-Laws Income Tax Wed, 20 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752587