ITAT Delhi Deletes Bogus Purchase Addition as Sales Were Recorded

SNT Agro Industries Pvt. Ltd. Vs ITO (ITAT Delhi) ITAT deleted addition under Section 68 towards alleged bogus purchases, noting that sales had already been undertaken and reflected from the same purchases Facts: The assessee, SNT Agro Industries Pvt. Ltd., filed its return of income for Assessment Year 2012–13 electronically on 19.09.2012 declaring total income of Rs. 6,76,120/-. The return was accordingly processed under Section 143(1) of the Income-tax Act, 1961 on 21.02.2013, accepting the returned income. Thereafter, in this case, very vital and credible information was received from D...