ITAT Pulls Back ₹30.76 Crore Bullion Addition Over Supplier Verification Lapses

Ashvinbhai Keshvlala Patel Vs ITO (ITAT Ahmedabad) ₹30.76 Crore Bullion Purchases Under Scanner: Entire Purchase Disallowed? ITAT Says Check ITC, Supplier’s Status & Money Trail First Assessee, a bullion trader, declared income of ₹8,87,380. AO treated purchases of ₹30,76,08,006 from M/s Yoro Bullion Pvt. Ltd. as bogus after GST number cited in invoices was found cancelled w.e.f. 25.11.2019, all bills being subsequent, the party was non-traceable & notice u/s 133(6) remained un-complied. CIT(A) confirmed addition. Before Tribunal, Assessee argued GST registration was active at ...