Section 69: Entire purchases cannot be added as bogus

ITO Vs Abhay Kantilal Shah (ITAT Mumbai) In instant case, as mentioned earlier, the assessee has filed before the AO copies of (i) bank statements for the financial year 2010­11, evidencing the payments made to these parties; (ii) ledger account of all the parties; (iii) purchase invoices from these parties and (iv) sale invoices as issued by the assessee against the purchases made. In such a situation, the AO could have made further verifications /enquiries. However, without making any verification /enquiry, the AO has made the full addition of Rs.5,37,112/-. In such a situation like the abo...