https://www.taxtmi.com/caselaws?id=458982 ITAT Mumbai held that the Revenue failed to prove painting purchases were bogus despite suppliers' statements about cash transactions and bill discounting business. The tribunal found that paintings existed in assessee's possession, payments were made through account payee cheques, and no evidence established cash returned to assessee. The Revenue could not prove the link between persons receiving cash and the assessee. Since one painting was sold with profit recorded and the sale was undisputed, corresponding purchases could not be deemed bogus per established precedent. en-us Fri, 23 Mar 2018 00:00:00 +0530 Mon, 25 Nov 2024 08:45:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458982 ITAT Mumbai held that the Revenue failed to prove painting purchases were bogus despite suppliers' statements about cash transactions and bill discounting business. The tribunal found that paintings existed in assessee's possession, payments were made through account payee cheques, and no evidence established cash returned to assessee. The Revenue could not prove the link between persons receiving cash and the assessee. Since one painting was sold with profit recorded and the sale was undisputed, corresponding purchases could not be deemed bogus per established precedent. Case-Laws Income Tax Fri, 23 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458982