Bogus purchases- Only profit element can be added to Income

ITO Vs M/s Ami Riddhi Chem Private Limited (ITAT Mumbai)

The assessee claim to have made purchases of Rs.34,92,40,689/-, therefore, the assessee was asked to furnish the details of purchases made from these parties. The notices issued/served under section 133(6) of the Act, however, there was no reply from the concerned parties. The facts are that neither the parties were produc

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