Mere non production of parties cannot be a ground of disallowance of purchases -ITAT

Brief of the Case:  ITAT Delhi Has held In the case of Piyush Developers Pvt. Ltd. & Others vs. ACIT, that despite search and seizure no adverse material was found to substantiate the disallowance made by the A.O. The purchases which are disallowed relate to cement and steel which are essential for the purpose of construction. No enquiries are made with the banks, other statutory authorities on the identity of the parties. All the parties are registered with sale tax department and have charged VAT in the each bill. All these parties have bank accounts and payment have been made through a...