ITAT Restricts Bogus Purchase Addition Due to Lack of Independent Enquiry by AO

Advertisement DCIT Vs Sudesna Arunkumar Dana (ITAT Pune) Entire Purchase Cannot Be Treated as Bogus When Sales Are Accepted; ITAT Upholds Partial Disallowance as Assessee Already Offered Income Under Section 41(1); Bogus Purchase Addition Reduced Because AO Failed to Identify Alleged Bill Providers; ITAT Dismisses Revenue Appeal Against Relief Granted in Bogus Purchase Case. The Income Tax Appellate Tribunal (ITAT), Pune Bench, dismissed both the Revenue’s appeal and the assessee’s cross objection for Assessment Year 2011-12 in a case concerning alleged bogus purchases. The Revenue chal...