https://www.taxtmi.com/caselaws?id=754213 The ITAT Delhi ruled on bogus purchase allegations where the assessee purchased materials from Apex Associates, identified as controlled by accommodation entry providers. The AO disallowed purchases based on investigation wing information and statements from entry providers. The ITAT held that since the AO accepted sales but disallowed only purchases in isolation, following HC precedents, a 12.5% disallowance would serve justice. For AY 2014-15, the addition was deleted as the assessee only made payments for previous year purchases without recording new purchases, making the AO's addition unjustified. The assessee's appeal was partly allowed. en-us Fri, 14 Jun 2024 00:00:00 +0530 Wed, 19 Jun 2024 08:33:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754213 The ITAT Delhi ruled on bogus purchase allegations where the assessee purchased materials from Apex Associates, identified as controlled by accommodation entry providers. The AO disallowed purchases based on investigation wing information and statements from entry providers. The ITAT held that since the AO accepted sales but disallowed only purchases in isolation, following HC precedents, a 12.5% disallowance would serve justice. For AY 2014-15, the addition was deleted as the assessee only made payments for previous year purchases without recording new purchases, making the AO's addition unjustified. The assessee's appeal was partly allowed. Case-Laws Income Tax Fri, 14 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754213