When Sales Are Real, Purchases Can’t Be Fake; AO’s Logic Butchered

ITO Vs Imranbhai Umarbhai Qureshi (ITAT Ahmedabad) When Sales Are Real, Purchases Can’t Be Fake ; AO’s Logic Butchered – Cash Withdrawals for Purchase of Bulls Duly Explained – ITAT Ahmedabad on ₹8.89 Cr 69C Addition Assessee had filed return declaring income of ₹3.12 lakh. The case was selected for scrutiny under CASS owing to large cash withdrawals. AO noted withdrawals of ₹8.89 crore from bank account. Assessee explained that he was in the business of procuring live bulls from farmers & supplying them to slaughterhouses. The amounts received from slaughterhouses we...