Bogus Purchase Addition Deleted as AO Failed to Provide Evidence or Verify Transactions

PCIT Vs Sunil Devkishan Panwar (Gujarat High Court) The Gujarat High Court considered an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate Tribunal for Assessment Year 2012–13. The dispute arose from the deletion of an addition of Rs. 5.04 crore made by the Assessing Officer on account of alleged bogus purchases. The assessee had originally filed a return declaring income of Rs. 9.90 lakh, which was assessed under Section 143(3). Subsequently, based on information received from the Investigation Wing, Mumbai regardin...