Entire Purchase cannot be disallowed by Considering it as Bogus

Ilesh Amrutlal Gadhia Vs DCIT (ITAT Mumbai) The issue under consideration is whether the disallowance u/s 69C of entire purchase amount by considering it as bogus is justified in law? ITAT states that, there could be no sale without actual purchase of goods considering the fact that the assessee was engaged in trading activities. The quantitative details were placed on record. There was one-on-one correlation of purchase and sale. The payment to the suppliers was through banking channels. The confirmation of M/s RTIPL was placed on record. The business model of the assessee, as noted by Ld. CI...