Central Government rescinds 2017 notification creating 4.05-hectare SEZ at Ameenpur after developer de-notification request; state no-objection confir...
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ITAT upheld the order of CIT(A) and dismissed Revenue's appeals, rejecting additions under s.68 and s.69C. The Tribunal found the assessee had furnished corroborative documentary evidence - ledger extracts, sales register, invoices, bank statements, e-way bills, transport details and VAT returns - demonstrating genuine sales recorded in books. The AO's additions rested solely on an isolated statement of a third party without independent corroborative or substantive material, and AO did not controvert the documentary evidence. Accordingly, the Tribunal held the AO's reliance on the investigation wing's finding that a purchaser was bogus was insufficient to sustain additions, and directed deletion of the impugned additions.
ITAT upheld the order of CIT(A) and dismissed Revenue's appeals, rejecting additions under s.68 and s.69C. The Tribunal found the assessee had furnished corroborative documentary evidence - ledger extracts, sales register, invoices, bank statements, e-way bills, transport details and VAT returns - demonstrating genuine sales recorded in books. The AO's additions rested solely on an isolated statement of a third party without independent corroborative or substantive material, and AO did not controvert the documentary evidence. Accordingly, the Tribunal held the AO's reliance on the investigation wing's finding that a purchaser was bogus was insufficient to sustain additions, and directed deletion of the impugned additions.
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