Mere Non-Appearance of Supplier Doesn’t Invalidate Transaction: ITAT Delhi

Jagat Jewels Vs ITO (ITAT Delhi) he Income Tax Appellate Tribunal (ITAT) in Delhi recently passed a significant ruling in the case of Jagat Jewels Vs ITO. The case primarily focuses on the legitimacy of unverifiable purchases during income tax assessments. Both Jagat Jewels (the assessee) and the Income Tax Office (ITO) have appealed against the order by the Commissioner of Income Tax (Appeals). Jagat Jewels, a jewelry trading firm, filed an income tax return for the Assessment Year (AY) 2013-14. The Assessing Officer (AO) raised concerns over the genuineness of purchases from multiple supplie...