Purchases cannot be treated as bogus if supplier admits genuineness of transaction

Shantivijay Jewels Ltd Vs DCIT (ITAT Mumbai)

Assessee is engaged in the business of manufacturing of studded gold jewellery and plain gold jewellery, that during the year under consideration it had exported its manufactured goods, that it did not sell goods locally, that the AO had not doubted the sales, that the suppliers had appeared before the AO and admitted that they had sold the goods to the assessee, that they had filed affidavits in that regard. We find that DJ had admitted of issuing bogus bills.But, nowhere

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