ITAT Kolkata Remands Bogus Purchase Addition for Fresh Verification

Asiatic Industries Vs ITO (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has partially allowed an appeal filed by Asiatic Industries against an order from the National Faceless Appeal Centre (NFAC), Delhi. The case, pertaining to Assessment Year 2011-2012, involves an addition of Rs. 8,79,300 for alleged bogus purchases from three suppliers: Durga Trading Corporation, Tarama Ferrous & Nonferrous Trading Co. Pvt. Ltd., and Kaustri Metal Trading (P) Ltd. The dispute arose following a survey at the assessee’s premises, where the Assessing Officer (AO) identified...