Addition for Bogus Purchases on mere Presumption without any supporting material not valid

Euro Diamonds Pvt. Ltd. Vs ITO (ITAT Mumbai) We noticed that the assessing officer has made the impugned addition on the basis of generalised information given by investigation wing that M/s Bhanwarlal Jain group is engaged in the business of providing accommodation sales bills without actually supplying the goods. There is no material on record to show that the impugned purchases made by the assessee from M/s Mayur Exports were identified as bogus or part of accommodation bills. On the contrary, it is the submission of the assessee that the diamonds were actually purchased from M/s Mayur Expo...