https://www.taxtmi.com/caselaws?id=767543 ITAT Kolkata dismissed Revenue's appeal in a case involving bogus purchases by a jeweler. The assessee maintained detailed records of purchases, stock movements, and sales, with payments made through banking channels. CIT(A) had restricted addition to 12% of alleged bogus purchases, but ITAT found no basis for any addition given meticulous record-keeping, accepted sales, and absence of adverse GST findings. The tribunal directed AO to delete the entire addition, noting the comprehensive documentation and legitimate business operations. en-us Mon, 17 Mar 2025 00:00:00 +0530 Thu, 20 Mar 2025 08:21:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767543 ITAT Kolkata dismissed Revenue's appeal in a case involving bogus purchases by a jeweler. The assessee maintained detailed records of purchases, stock movements, and sales, with payments made through banking channels. CIT(A) had restricted addition to 12% of alleged bogus purchases, but ITAT found no basis for any addition given meticulous record-keeping, accepted sales, and absence of adverse GST findings. The tribunal directed AO to delete the entire addition, noting the comprehensive documentation and legitimate business operations. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767543