Bogus Purchases addition Based on Investigation Reports Fails Where Evidence Exists: ITAT Delhi

Omnitel Technologies Pvt. Ltd. Vs ITO (ITAT Delhi) Whether, the addition on account of alleged bogus purchases of capital assets could be sustained merely on the basis of information received from the Investigation Wing, despite the assessee having furnished complete documentary evidences such as invoices, transportation documents, bank statements, loan agreements and insurance policies evidencing actual purchase and existence of such assets. Facts of the Case:The assessee company was engaged in providing telecom services to Government authorities and had purchased certain fixed assets which w...