No addition for Bogus purchases if CESTAT ruled that purchases were not bogus

Panchmahal Steel Ltd Vs PCIT (ITAT Ahmedabad) Conclusion: Once CESTAT had given a findings that the purchases in question were not bogus, then, additions proposed to be made on the basis of show-cause notice  from Central Excise Directorate had no basis which the same could be sustained. Held:  AO discovered a show cause notice from the Central Excise Directorate indicating that assessee had claimed Cenvat credit of Rs. 4,37,07,420/-, which was disallowed. The officer identified that assessee had reported bogus purchases, prompting the reopening of the case with a notice under Section 148. A...