ITAT Patna Deletes Bogus Purchase Addition as One-to-One Sales Correlation Was Proven

Shakti Agencies Private Limited Vs ACIT (ITAT Patna) The Income Tax Appellate Tribunal (ITAT), Patna Bench, partly allowed the appeal filed by the assessee against the reassessment order for AY 2018-19 concerning alleged bogus purchases and bogus sales. The assessee had originally filed its return declaring income of Rs. 4,14,700. The reassessment proceedings were initiated after information received through the Income Tax Department’s Insight Portal alleged bogus purchases from M/s Sunil Enterprises amounting to Rs. 26,48,100 and bogus sales to M/s Rajendra Ispat amounting to Rs. 5,01,39,33...