Bogus Purchase, Loan Creditor Additions Deleted – CIT(A) Relief Upheld

ITO Vs Shiv Shankar Rice Mills (ITAT Delhi) The ITAT Delhi dismissed the Revenue’s appeal and upheld the CIT(A)’s order deleting major additions made in reassessment proceedings against a rice mill firm. The AO had made additions of ₹8.28 crore treating purchases and sales as bogus u/s 68, ₹39.70 lakh towards unsecured loans, and ₹55.90 lakh for sundry creditors. The Tribunal noted that the assessee had furnished extensive documentary evidence including purchase/sale bills, stock registers, transport bilty, VAT returns, bank statements and RTGS details showing movement of goods and g...