ITAT restricts addition for Bogus Purchase to the peak of purchases

Advertisement ITO Vs Shri Sunil Govind Agre (ITAT Mumbai) During the course of assessment proceedings, the AO called for information u/s 133(6) from the above two parties in order to verify the genuineness of transactions. However, the notices sent by him could not be served and these were returned un-served by the postal authorities with the remark “not known”. The AO noted that the TIN Nos. of the above two parties mentioned in the website of the Sales Tax Department are matching with the TIN reflected in the purchase bills filed by the assessee. The AO sent a show cause notice along ...