ITAT Deletes Bogus Purchase Addition as Supplier’s Non-Reply Alone Cannot Prove Transactions Fake

Advertisement Stranex Industries Private Limited Vs ITO (ITAT Hyderabad) Bogus Purchase Disallowance Quashed Because Assessee Produced Audited Books and Bank Proofs; ITAT Rules Purchases Cannot Be Disallowed When Books of Account Are Accepted by AO; Addition for Alleged Bogus Purchases Deleted Since Revenue Found No Defect in Records; ITAT Holds Supplier’s Failure to Reply Under Section 133(6) Not Enough to Deny Purchase Claim. The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, allowed the appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals), ...