Bogus Purchase Addition Remanded as Fresh Evidence Warrants Verification: ITAT Surat

Redeem Exports Pvt. Ltd. Vs ITO (ITAT Surat) The appeal before the Income Tax Appellate Tribunal (Surat) concerned the addition of Rs. 1,15,80,000 made by the Assessing Officer (AO) on account of alleged bogus purchases for Assessment Year 2017–18. The assessee, engaged in trading of rough and polished diamonds, had filed its return declaring income of Rs. 75,200. During assessment, the AO relied on statements recorded during a survey under Section 133A in another case, where it was admitted that certain entities, including the assessee’s suppliers, were paper concerns providing accommodat...