Merely not producing original bills cannot make purchase bogus

Entire Industries Vs ITO (ITAT Ahmedabad)  It is pertinent to note that the disallowance by the Assessing Officer is presumptive basis as the books were not rejected. Merely stating that bills were not produced was incorrect fact. In fact, the assessee through its bills has established that there is a co-relation between the sales and the purchase and merely not producing original bills cannot make the purchase bogus. The seized material by the Excise Department was also confined to the said purchase and therefore, the estimated purchases done by the Assessing Officer is not justifiable. At n...