Bogus purchases cannot be treated as unexplained credits: ITAT Pune

DCIT (Exemption) Vs Shree Chanakya Education Society (ITAT Pune) Tribunal raps AO for selective reading – Statement must be considered in entirety- ITAT Pune; Bogus purchases cannot be treated as unexplained credits; No Cross-Examination, No Independent Enquiry – Addition cannot survive Pune ITAT has dismissed the Revenue’s appeals against a charitable trust registered u/s 12A, in relation to AY 2014–15. Tribunal upheld the order of the CIT(A)/NFAC deleting the addition of ₹1.85 crore made towards alleged bogus purchases as well as penalty levied u/s 271(1)(c). Assessee trust, engage...