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Bogus Purchase Addition Deleted – Suspicion from STR Report Insufficient When Purchases Supported by Evidence
Case Law Details
- Case Name
- ACIT Vs Raj Diamonds (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Bangalore
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ACIT Vs Raj Diamonds (ITAT Bangalore)
Bogus Purchase Addition Deleted – Suspicion from STR Report Insufficient When Purchases Supported by Evidence
The assessee, a partnership firm engaged in the business of gold and diamond jewellery, filed its return for AY 2018-19 declaring income of ₹92.24 lakh. Based on a Suspicious Transaction Report (STR) alleging that certain suppliers were accommodation entry providers, the AO reopened the assessment and treated purchases of ₹2.49 crore from two entities as bogus, adding the entire amount to income u/s 147.
Before the CIT(A)...
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