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ITAT allowed the assessee's appeal and set aside the Assessing Officer's 25% disallowance of sales treated as bogus. The Tribunal found the AO and CIT(A) had recorded the purchaser's identity and accepted ledger entries, bills of entry and commercial invoices establishing receipt of inputs and existence of goods; the AO's own estimate thereby undermined the presumption of sham transactions. The assessee furnished supporting documents substantiating the sales, which the Tribunal accepted as genuine. Further, ITAT held that invoking s.37 for disallowance of alleged bogus sales was inappropriate since s.37 governs business expenditure and not characterization of sales. The impugned addition was deleted and the appeal allowed.
ITAT allowed the assessee's appeal and set aside the Assessing Officer's 25% disallowance of sales treated as bogus. The Tribunal found the AO and CIT(A) had recorded the purchaser's identity and accepted ledger entries, bills of entry and commercial invoices establishing receipt of inputs and existence of goods; the AO's own estimate thereby undermined the presumption of sham transactions. The assessee furnished supporting documents substantiating the sales, which the Tribunal accepted as genuine. Further, ITAT held that invoking s.37 for disallowance of alleged bogus sales was inappropriate since s.37 governs business expenditure and not characterization of sales. The impugned addition was deleted and the appeal allowed.
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