Sales accepted in supplier books cannot be bogus purchase of buyer

Advertisement Brief of the case : The ITAT bench Mumbai in the above cited case held that when the department has not disputed the sales transactions disclosed by the supplier in its books who is an income tax assessee then it cannot assume the same as bogus purchases made by the buyer more so when the transaction has been supported by proper documentary evidences and payments aremade to suppliers through proper banking channels. Facts of the case: The assessee company filed its return of income on 08th Oct,2010 declaring a total income of Rs. 18.68 crores. In the course of assessment pro...