Rs. 87.65-Crore ‘Bogus Purchase’ Disallowance Remanded for Fresh Verification

ACIT Vs Taparia Tools Limited (ITAT Pune) ₹87.65-cr ‘bogus purchase’ disallowance sent back: GST closure letters & transport evidence to be freshly examined ITAT Pune set aside CIT(A)’s deletion of ₹87.65 crore disallowance on alleged bogus purchases from Sharp King Trading Pvt. Ltd. & remanded the issue to AO for limited fresh examination. AO had earlier disallowed 100% purchases u/s 37(1) citing non-production of transport bills, negligible expenses & profits of supplier, warehouse capacity mismatch & findings in supplier’s assessment. CIT(A) deleted addition rely...