Entire Bogus Purchases Can’t Be Disallowed When Sales Are Accepted: ITAT Mumbai

ITO Vs Mukesh Hirachand Sanghvi (ITAT Mumbai) The present cross appeals were filed by both the assessee and the Revenue against the order dated 16 June 2025 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, arising out of a reassessment completed under section 143(3) read with section 147 of the Income-tax Act, 1961 for Assessment Year 2010–11. Since both appeals arose from the same appellate order and involved identical issues, they were heard together and disposed of by a consolidated order of the Income Tax Appellate Tribunal Mumbai. The sole issu...