Suppliers Ignoring Section 133(6) Notices Alone Can’t Make Purchases Bogus: ITAT Gives Fresh Lifeline to Liquor Trader

Ramakant Bhuvan Vs ITO (ITAT Pune) Suppliers Ignoring Section 133(6) Notices Alone Can’t Make Purchases Bogus: ITAT Gives Fresh Lifeline to Liquor Trader The Pune ITAT held that merely because suppliers failed to respond to notices issued under section 133(6), the entire purchases cannot automatically be treated as bogus when the assessee possesses substantial documentary evidence proving the transactions. In the case of Ramakant Bhuvan, a liquor trader, the AO had added ₹3.68 crore as inflated purchases under section 37(1) solely because five out of six liquor suppliers did not respond to...