https://www.taxtmi.com/caselaws?id=757847 ITAT Ahmedabad allowed assessee's appeal against addition of profit element in alleged bogus purchases. Department relied on incriminating material from survey of accommodation entry provider M/s. HJM Fuels Pvt. Ltd to treat entire purchases as bogus. Assessee successfully challenged credibility of incriminating material and established genuineness of transactions through purchase bills, VAT returns, Form 26AS showing TCS collection, quantitative tally, and affidavit from HJM director confirming sales transactions worth Rs. 2.47 crores. AO admitted director's affidavit but failed to controvert assessee's contentions or provide reasons for accepting flawed incriminating material. ITAT held incriminating material lacked credibility and evidentiary value, finding no basis for treating purchases as bogus. en-us Fri, 30 Aug 2024 00:00:00 +0530 Tue, 03 Sep 2024 08:27:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757847 ITAT Ahmedabad allowed assessee's appeal against addition of profit element in alleged bogus purchases. Department relied on incriminating material from survey of accommodation entry provider M/s. HJM Fuels Pvt. Ltd to treat entire purchases as bogus. Assessee successfully challenged credibility of incriminating material and established genuineness of transactions through purchase bills, VAT returns, Form 26AS showing TCS collection, quantitative tally, and affidavit from HJM director confirming sales transactions worth Rs. 2.47 crores. AO admitted director's affidavit but failed to controvert assessee's contentions or provide reasons for accepting flawed incriminating material. ITAT held incriminating material lacked credibility and evidentiary value, finding no basis for treating purchases as bogus. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757847