Bogus purchases – no section 263 revision for estimating income at higher rates

M/s. Vaghasiya Exports Vs Pr. CIT (ITAT Mumbai) Ld. AO was clinched with the issue of suspicious purchases made by the assessee from various entities of tainted group. In fact, it is the only addition made in the assessment order. Specific queries were raised requiring the assessee to substantiate the purchases under suspicion. The assessee produced requisite details and documentary evidences including stock record and quantitative details of opening stock, closing stock, purchase, sale etc. The corresponding sales made against the purchases were also demonstrated. The copies of purchase invoi...