Transactions not Bogus, if All Ingredients necessary for Genuine Business Transaction Exist

Dhandhia Gems Vs ITO (ITAT Kolkata) The issue under consideration is whether the addition made by AO by considering the transaction entered by the assessee as bogus transactions are justified in law? ITAT states that in the present case there is a binding contract between the parities by which the recipients of the commission had the right to enforce realization of commission stipulated between the parties. Also they find from the communication between the parties that the payment was duly received by the parties and paid by the assessee by account payee cheques. The revenue has not alleged th...