https://www.taxtmi.com/caselaws?id=457230 The ITAT partially allowed the appellant's appeal, directing the AO to restrict the disallowance to 5% of the total purchases, instead of the initially imposed 12.5%. This decision was based on the principle of estimating the profit element in disputed purchases and aligned with a previous ITAT ruling for the same assessment year. The ITAT emphasized fairness and consistency in handling non-genuine purchase cases, upholding natural justice principles and ensuring proportionate disallowances. The outcome balanced the interests of revenue authorities and the taxpayer, highlighting the importance of accurate records and justified profit estimations. en-us Mon, 23 Oct 2023 00:00:00 +0530 Thu, 12 Sep 2024 20:11:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457230 The ITAT partially allowed the appellant's appeal, directing the AO to restrict the disallowance to 5% of the total purchases, instead of the initially imposed 12.5%. This decision was based on the principle of estimating the profit element in disputed purchases and aligned with a previous ITAT ruling for the same assessment year. The ITAT emphasized fairness and consistency in handling non-genuine purchase cases, upholding natural justice principles and ensuring proportionate disallowances. The outcome balanced the interests of revenue authorities and the taxpayer, highlighting the importance of accurate records and justified profit estimations. Case-Laws Income Tax Mon, 23 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457230