https://www.taxtmi.com/caselaws?id=458993 The Tribunal ruled in favor of the assessee, allowing the appeal against the addition made on account of "bogus transactions" related to the purchase of paintings. The Tribunal found that the purchases were genuine, supported by account payee cheques, bank confirmations, and undisputed transaction details. It emphasized that since the sales were accepted as genuine, the corresponding purchases could not be considered bogus. Consequently, the Tribunal set aside the orders of the lower authorities and deleted the additions, allowing the appeal and pronouncing the order in open court. en-us Fri, 23 Sep 2016 00:00:00 +0530 Sat, 23 Nov 2024 18:40:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458993 The Tribunal ruled in favor of the assessee, allowing the appeal against the addition made on account of "bogus transactions" related to the purchase of paintings. The Tribunal found that the purchases were genuine, supported by account payee cheques, bank confirmations, and undisputed transaction details. It emphasized that since the sales were accepted as genuine, the corresponding purchases could not be considered bogus. Consequently, the Tribunal set aside the orders of the lower authorities and deleted the additions, allowing the appeal and pronouncing the order in open court. Case-Laws Income Tax Fri, 23 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458993