Bogus Purchase Addition of ₹3.82 Cr Unsustainable Without Rejecting Books

DCIT Vs Adventure Resorts And Cruises Pvt. Ltd. (ITAT Delhi) Without Rejecting Books, Bogus Purchase Addition Unsustainable- Sales Accepted, Purchases Cannot Be Disbelieved- ITAT Delhi Upholds Deletion of ₹3.82 Cr Bogus Purchase Addition Assessee, operating luxury cruises on the Brahmaputra, declared tourism income of ₹6.15 crore. AO noted sudden spurt in trade payables (₹18.89 lakh in FY 2012-13 vs. ₹4.16 crore in FY 2013-14). On inquiry, creditors SRS Industries (₹2.18 cr) & RS Industries (₹1.64 cr) were found non-existent at given addresses. Since Assessee also failed to pro...