Bogus purchases - Burden of proof - The Tribunal found that the ...

Tribunal Upholds Assessee's Purchase Authenticity, Dismisses Revenue Appeal for Lack of Evidence and Procedural Fairness.

March 26, 2024

Case Laws Income Tax AT

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.

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Bogus purchases - Burden of proof - The Tribunal found that the ...

Tribunal Upholds Assessee's Purchase Authenticity, Dismisses Revenue Appeal for Lack of Evidence and Procedural Fairness.

March 26, 2024

Case Laws Income Tax AT

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