Section 69C- No addition on mere Sales Tax Department information

PCIT Vs Vaman International Pvt. Ltd. (Bombay High Court) The issue under consideration is whether the Tribunal  was  justified in holding that provisions of section 69C of the Income Tax Act, 1961 are not applicable for assessee? High Court states that, the assessee had filed copies of purchase bills, copies of purchase/ sale invoices, challan cum tax invoices in respect of the purchases, extracts of stock ledger showing entry/exit of the materials purchased, copies of bank statements to show that payment for such purchases were made through regular banking channels, etc., to establish the...