https://www.taxtmi.com/highlights?id=79701 Disallowance based on third party information about unexplained purchases was challenged. ITAT held that the additions were unsustainable as the disallowance was solely based on unverified third-party information gathered by the Department's Investigation Wing, without providing an opportunity for cross-examination to the assessee, who had prima facie substantiated the purchases through documentation like bills, confirmed accounts, and VAT registration of sellers. The purchases were found acceptable, and the consequent addition to income was directed to be deleted, favoring the assessee. en-us Thu, 25 Jul 2024 08:05:04 +0530 Thu, 25 Jul 2024 08:05:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79701 Disallowance based on third party information about unexplained purchases was challenged. ITAT held that the additions were unsustainable as the disallowance was solely based on unverified third-party information gathered by the Department's Investigation Wing, without providing an opportunity for cross-examination to the assessee, who had prima facie substantiated the purchases through documentation like bills, confirmed accounts, and VAT registration of sellers. The purchases were found acceptable, and the consequent addition to income was directed to be deleted, favoring the assessee. Highlights Income Tax Thu, 25 Jul 2024 08:05:04 +0530 https://www.taxtmi.com/highlights?id=79701