Bogus Purchase Addition U/s 69C Deleted – Export Sales Stock Records Proved Genuineness: ITAT Mumbai

Bhagyesh A. Patel Vs ACIT (ITAT Mumbai) Bogus Purchase Addition U/s 69C Deleted – Export Sales Stock Records Proved Genuineness – ITAT Mumbai In this case, the AO reopened the assessment based on DGIT (Inv) information alleging that purchases from M/s Khushi Gems Pvt. Ltd. were accommodation entries linked to the Gautam Jain group. The AO treated purchases of ₹2.22 Cr as bogus & made addition u/s 69C, which was confirmed by CIT(A). Before ITAT, the assessee demonstrated that purchases were supported by invoices, bank payments, stock register, ledger accounts & corresponding expor...