Without Bogus Purchases, No Bogus Sales – ITAT Deletes ₹4.67 Cr Addition

DCIT Vs B. Chokshi Chem Pvt. Ltd. (ITAT Ahmedabad) Bogus Sale Addition Falls Flat- No Bogus Purchases, Hence No Bogus Sales- Tribunal deletes Rs. 4.67 Crore Addition Ahmedabad Tribunal  dismissed four appeals of Revenue, upholding deletion of additions made on account of alleged bogus sales. The case arose from a search on Gujarat Polysol Chemicals Ltd. (GPCL) where Investigation Wing alleged bogus purchases. Since GPCL had shown purchases from Assessee, AO reopened assessment & treated sales of Rs.4.67 crores made by Assessee to GPCL as bogus. CIT(A) deleted addition noting that in GPCLâ...