Incomplete Rule 46A Verification Leads to Fresh Inquiry Into ₹7 Crore Purchases

ITO Vs Smt. Manisha Dixit (ITAT Hyderabad) Rule 46A Evidence Needs Proper Scrutiny- One-Party Verification Not Enough: ITAT Sends Rs.7 Crore Purchase Case Back to AO Assessee, proprietor of Sri Mallikarjuna Steels, declared income of Rs.15,02,320. AO treated purchases of Rs.7,00,52,477 from thirteen parties as unexplained expenditure u/s 69C on the ground that Assessee did not furnish bills, transportation memos, ledger accounts & payment proofs despite specific requisition. Assessment was completed u/s 143(3) r.w.s.144B. Before CIT(A), Assessee submitted large volume of additional evidenc...