Transaction not Bogus for mere non-existence of parties at given address

Karam Chand Rubber Industries (p) Ltd. Vs ACIT (ITAT Delhi)

The assessee has duly discharged its initial onus by submitting sufficient proof substantiating purchase and the payment is also routed through banking channel, simply because of non-existence of parties at the given address, the transaction cannot be treated as bogus and no addition can be made accordingly.

FACTS –

Assessee is engaged in manufacturing of cycle/rickshaw rims. In July, 201

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