Sales Accepted but Purchases Disputed? ITAT Slams 100% Disallowance Reason

Ankur Kumar Goel Vs ITO (ITAT Delhi) Sales Accepted, Purchases Disbelieved? Tribunal Applies Reality Check- 100% Bogus Purchase Disallowance Cut to Just ₹3.5L –  Tribunal Balances Justice: Lump Sum Disallowance Allowed, Penalty Cancelled This matter involved two appeals – one against the quantum addition & the other against the penalty u/s 271(1)(c). Quantum Appeal – Bogus Purchases Assessee was engaged in regular business & had declared sales which were fully accepted by both AO & CIT(A). However, the entire purchases of ₹34,54,339 were disallowed as bogus, as Asses...