https://www.taxtmi.com/caselaws?id=762271 ITAT Mumbai ruled in favor of the assessee regarding additions under section 69C for alleged bogus transactions. The AO had concluded that bills were merely paper trails to camouflage actual transactions. However, the tribunal found that the transporter provided detailed documentation including consignment numbers, bill numbers, and quantities. The lower authorities made only general allegations without pointing out specific infirmities in the detailed documents submitted by the assessee. The tribunal held that the assessee adequately explained the nature of purchase transactions, making the addition unsustainable and directing its deletion. en-us Mon, 25 Nov 2024 00:00:00 +0530 Thu, 28 Nov 2024 07:48:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762271 ITAT Mumbai ruled in favor of the assessee regarding additions under section 69C for alleged bogus transactions. The AO had concluded that bills were merely paper trails to camouflage actual transactions. However, the tribunal found that the transporter provided detailed documentation including consignment numbers, bill numbers, and quantities. The lower authorities made only general allegations without pointing out specific infirmities in the detailed documents submitted by the assessee. The tribunal held that the assessee adequately explained the nature of purchase transactions, making the addition unsustainable and directing its deletion. Case-Laws Income Tax Mon, 25 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762271