Bogus Purchase Addition Quashed as GST Records Proved Genuineness: ITAT Lucknow

ITO Vs Rajeev Kumar Kapoor (ITAT Lucknow) The Revenue filed an appeal against the order of the CIT(A) deleting additions made under section 143(3) read with section 144B for Assessment Year 2021-22. The Assessing Officer (AO) had made an addition of ₹88,16,120 under section 69C read with section 115BBE, being 20% of purchases made from one party, Mohammad Ashraf Mandal (M/s A.M. Ornaments), treating them as bogus. The AO also disallowed ₹6,893 being interest paid on delayed deposit of TDS, invoking Explanation 1 to section 37(1). The assessee, engaged in trading of gold, silver and bullion...