Entire Bogus Purchase Cannot Be Added When Sales Are Not Disputed: ITAT Rajkot

ITO Vs Bhagavanji Bhai Damjibhai Bhimani (ITAT Rajkot) The Income Tax Appellate Tribunal (ITAT), Rajkot dismissed the Revenue’s appeal against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] relating to Assessment Year 2019-20 concerning additions made on account of alleged bogus purchases. The assessee had filed a return declaring total income of Rs. 9,98,510/-. The case was reopened under Section 147 of the Income Tax Act based on information received through the Insight Portal under the Risk Management Strategy (RMS), indicating that the assessee had allegedly obtained bogu...