ITAT Chennai Remands Case on Bogus Purchase Addition

ITO Vs Greta Energy Limited (ITAT Chennai) In the case of ITO vs. Greta Energy Limited, the Income Tax Appellate Tribunal (ITAT) Chennai dealt with cross-appeals arising from an assessment order issued by the Assessing Officer (AO) under sections 147 and 144B of the Income Tax Act. The main issue was the addition of Rs. 92.43 lakhs on account of alleged bogus purchases from a non-existent supplier, M/s. Shree Om Sai Industries Pvt. Ltd. The AO had reopened the assessment based on a claim that the purchases were made from an entity that no longer existed at the address provided. Despite notices...