2019 (7) TMI 659 - AT - Income Tax

Unexplained purchases - purchases from grey market - search & seizure operation u/s 132 - genuineness of transactions - accommodation entry - HELD THAT:- As decided in M/S. MANSAROVAR INFRATECH PVT. LTD. VERSUS ASSTT. CIT [2019 (4) TMI 1722 - ITAT DELHI], we directed the Assessing Officer to restrict the disallowance to the tune of 5% of the impugned purchases wherein the same party M/s Meet Enterprises was involved. .

Respectfully following the aforesaid precedents, we direct the Assessing Officer to restrict the disallowance to 5% of the impugned purchase - decided in favour of assessee