https://www.taxtmi.com/caselaws?id=399218 The ITAT upheld the deletion of additions for payments towards bogus purchases totaling &8377; 7,05,00,000 and &8377; 7,03,99,160 for assessment year 2009-10. The CIT(A) and High Court decisions, based on lack of independent inquiry by the AO and discrepancies in the assessment, supported the deletion. The ITAT dismissed the Revenue's appeals, citing settled precedents and emphasizing acceptance of sales as indicative of genuine purchases. The Assessee's Cross Objections were also dismissed. The decision rested on insufficient evidence and flaws in the AO's approach, as established in previous judicial rulings. en-us Wed, 30 Sep 2020 00:00:00 +0530 Mon, 05 Oct 2020 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399218 The ITAT upheld the deletion of additions for payments towards bogus purchases totaling &8377; 7,05,00,000 and &8377; 7,03,99,160 for assessment year 2009-10. The CIT(A) and High Court decisions, based on lack of independent inquiry by the AO and discrepancies in the assessment, supported the deletion. The ITAT dismissed the Revenue's appeals, citing settled precedents and emphasizing acceptance of sales as indicative of genuine purchases. The Assessee's Cross Objections were also dismissed. The decision rested on insufficient evidence and flaws in the AO's approach, as established in previous judicial rulings. Case-Laws Income Tax Wed, 30 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399218