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ITAT allowed the assessee's appeal and deleted the addition made on account of alleged bogus purchases of Naku/Rice Bran. The Tribunal held that the AO's sole reliance on the statement of a third-party alleged accommodation entry provider, without any incriminating material or independent enquiry, was untenable. The AO's failure to grant the assessee an opportunity to cross-examine the third party, despite specific request, amounted to violation of principles of natural justice and rendered the addition unsustainable. With no evidence of cash exchange or other corroborative material and with adequate purchase documentation on record, the purchases were held genuine and the addition was quashed in favour of the assessee.
ITAT allowed the assessee's appeal and deleted the addition made on account of alleged bogus purchases of Naku/Rice Bran. The Tribunal held that the AO's sole reliance on the statement of a third-party alleged accommodation entry provider, without any incriminating material or independent enquiry, was untenable. The AO's failure to grant the assessee an opportunity to cross-examine the third party, despite specific request, amounted to violation of principles of natural justice and rendered the addition unsustainable. With no evidence of cash exchange or other corroborative material and with adequate purchase documentation on record, the purchases were held genuine and the addition was quashed in favour of the assessee.
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