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ITAT remanded the matter to the AO for further inquiry, concluding prima facie that the Revenue has established a case of accommodation entries and alleged bogus purchases. The AO is directed to verify bank statements, inter-alia the cash trail vis-Ã -vis the assessee's cash books, and to obtain relevant information from the GST authorities to determine whether input tax credit was claimed. After conducting these verifications and necessary enquiries, the AO shall adjudicate the issue in accordance with the Income Tax Act. If the assessee fails to produce requisite records, the AO may decide the matter on merits after obtaining GST and banking particulars. Appeal partly allowed for statistical purposes.
ITAT remanded the matter to the AO for further inquiry, concluding prima facie that the Revenue has established a case of accommodation entries and alleged bogus purchases. The AO is directed to verify bank statements, inter-alia the cash trail vis-Ã -vis the assessee's cash books, and to obtain relevant information from the GST authorities to determine whether input tax credit was claimed. After conducting these verifications and necessary enquiries, the AO shall adjudicate the issue in accordance with the Income Tax Act. If the assessee fails to produce requisite records, the AO may decide the matter on merits after obtaining GST and banking particulars. Appeal partly allowed for statistical purposes.
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