https://www.taxtmi.com/caselaws?id=449832 The ITAT Mumbai upheld the disallowance of bogus purchase bills from hawala dealers based on Sales Tax Department information. The assessee failed to produce stock registers or demonstrate that goods from alleged bogus purchases were actually transmitted to subsequent buyers. While the AO did not doubt the assessee's sales, the tribunal found that without linking purchased quantities to sales bills or maintaining proper stock records, it could not be presumed the assessee made genuine cash purchases from grey market dealers. The CIT(A)'s decision to disallow the entire bogus purchases was justified and upheld. en-us Wed, 07 Feb 2024 00:00:00 +0530 Wed, 21 Feb 2024 07:12:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449832 The ITAT Mumbai upheld the disallowance of bogus purchase bills from hawala dealers based on Sales Tax Department information. The assessee failed to produce stock registers or demonstrate that goods from alleged bogus purchases were actually transmitted to subsequent buyers. While the AO did not doubt the assessee's sales, the tribunal found that without linking purchased quantities to sales bills or maintaining proper stock records, it could not be presumed the assessee made genuine cash purchases from grey market dealers. The CIT(A)'s decision to disallow the entire bogus purchases was justified and upheld. Case-Laws Income Tax Wed, 07 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449832