Bogus Purchase addition: Purchases Cannot Be Disallowed When Sales Accepted

ITO Vs Spectra Televentures Pvt. Ltd (ITAT Delhi) Sales Accepted, Purchases cannot be disallowed; ITAT Delhi quashes Rs 12.88 Cr Bogus Purchase addition – No 100% Gross Profit – Entire Purchases can’t be disallowed when Sales are Accepted Delhi ITAT has upheld the order of CIT(A), deleting an addition of Rs 12.88 crore made by AO on account of alleged bogus purchases. Assessee, a telecom services & civil works company engaged with major operators such as Reliance Jio, Airtel, & Nokia, had filed its return of income declaring Rs 48.13 lakh for AY 2021-22. The case was sele...