https://www.taxtmi.com/caselaws?id=763396 The ITAT Ahmedabad upheld the CIT(A)'s decision regarding disallowance of bogus purchases from a diamond trading company. The assessee was alleged to be acting as a conduit for money transfers through accommodation entries. The Revenue failed to prove the conduit allegation and did not dispute that sales parties were bogus. The AO's contention that purchases worth Rs. 3.51 crores were inflated to sell goods worth Rs. 3.56 crores was found unreasonable. Following precedents involving the same diamond company, the ITAT declined to interfere with the CIT(A)'s order, deciding against the Revenue. en-us Tue, 19 Nov 2024 00:00:00 +0530 Tue, 17 Dec 2024 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763396 The ITAT Ahmedabad upheld the CIT(A)'s decision regarding disallowance of bogus purchases from a diamond trading company. The assessee was alleged to be acting as a conduit for money transfers through accommodation entries. The Revenue failed to prove the conduit allegation and did not dispute that sales parties were bogus. The AO's contention that purchases worth Rs. 3.51 crores were inflated to sell goods worth Rs. 3.56 crores was found unreasonable. Following precedents involving the same diamond company, the ITAT declined to interfere with the CIT(A)'s order, deciding against the Revenue. Case-Laws Income Tax Tue, 19 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763396