ITAT Deletes Addition for failure of Revenue to Provide Cross-Examination of Witness

Advertisement Garg Acrylics Ltd Vs Addl. CIT(ITAT Delhi) The assessee, in the instant case, has declared a whopping turnover of Rs.1155.79 crore and also declared an income pegged in the vicinity of Rs.9.98 crore. The assessee therefore cannot be reckoned as anybody from the street. The amount of bogus purchases alleged is minuscule in the context of the voluminous business of the assessee. The documentation showing movement of goods towards impugned purchases also involves state government machinery as well as Central Excise Department. The purchases are carried out through banking channel...