Bogus Supplier Tag Alone Not Enough: ITAT Deletes Purchase and Loan Additions

DCIT Vs C Atulkumar And Co. (ITAT Mumbai) Bogus Supplier Tag Alone Not Enough: Mumbai ITAT Knocks Down Purchase and Loan Additions-Investigation Report Is Only a Starting Point, Not the Final Verdict  The Mumbai ITAT dismissed the Revenue’s appeals and upheld the deletion of additions made on account of alleged bogus purchases and unsecured loans linked to concerns said to be controlled by the Bhanwarlal Jain Group. The Tribunal held that information from the Investigation Wing may justify reopening or inquiry, but additions cannot be sustained merely on the basis of generalized allegations...