ITAT Ahmedabad Quashes ₹116 Cr Bogus Sales Addition – Reopening Time-Barred

ITO Vs Pel Industries Limited (ITAT Ahmedabad) ITAT Ahmedabad Quashes ₹116 Cr Bogus Sales Addition – Reopening Time-Barred; ITAT Ahmedabad Quashes Reopening – Revenue’s Appeal Dismissed in ₹116 Cr Bogus Sales Case AO had reopened assessment u/s 147 based on information from Investigation Wing alleging that Assessee had shown bogus sales of ₹116.01 crore to M/s Pankaj Metals. AO treated the entire sales as accommodation entries & added ₹116.01 crore u/s 68. On appeal, CIT(A) deleted the addition. Revenue carried the matter to ITAT Revenue’s Arguments Information from Inves...