Entire Purchase Can’t Be Added as Bogus When Sales Are Accepted: ITAT Mumbai

ITO Vs Sha Tarachand Fojmal And Company (ITAT Mumbai) The appeal before the Income Tax Appellate Tribunal, Mumbai was filed by the Revenue against an order of the Commissioner of Income Tax (Appeals) for Assessment Year 2011–12, arising out of reassessment proceedings under Sections 143(3) read with 147 of the Income-tax Act, 1961. The assessee, a partnership firm engaged in trading aluminium sheets, coils, and allied materials, had filed its return declaring income of ₹39.38 lakh. The reassessment was initiated based on information from the Maharashtra Sales Tax Department alleging that t...