Bogus purchase treatment in a year doesn’t make it bogus in all years: ITAT Kolkata

A. P. Fashion Pvt. Ltd. Vs Pr. CIT (Central)-2) (ITAT Kolkata) ITAT Kolkata held that treating purchases from concern as bogus merely because for another year purchases from the said concern were treated by AO as bogus is not justified since in relevant year AO duly treated the purchases as genuine. Facts- Post survey action and addition towards bogus purchases, PCIT exercising his revisional jurisdiction u/s.263 of the Act observed that for the year under consideration, the assessee had also shown purchases of Rs.84,41,255/- from Afterlink Vinimay Pvt. Ltd. and that the said company has been ...