Sundry creditors cannot be treated as bogus on mere personal belief & imagination of AO

Advertisement ACIT Vs Pradip Mullick (ITAT Kolkata) Assessee submitted that owing to business of manufacturing and sale of sweets and confectioneries, he has to regularly purchase different types of raw materials from different vendors for his day to day business requirement. The number of vendors are large as there are small vendors mostly supplying perishable item viz., fruits, vegetables, milk, cheese and alike which are consumed regularly in the manufacturing process. Assessee submitted in the course of assessment, list of creditors bifurcated into two parts i.e. showing creditors above...