Bogus Purchases Allegation Rejected as Sales, Stock & GST Records Accepted

Gaurav Singhi Vs ITO (ITAT Chandigarh) The Income Tax Appellate Tribunal (ITAT), Chandigarh, adjudicated cross appeals filed by the assessee and the Revenue against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, for Assessment Year 2021–22. The assessee, engaged in trading of scrap, had maintained audited books of accounts along with day-to-day stock records. During assessment, the Assessing Officer observed that certain suppliers either denied transactions or failed to respond to notices issued under Section 133(6), leading to doubts regarding the ge...