https://www.taxtmi.com/caselaws?id=770796 The ITAT Jaipur dismissed the revenue's appeal regarding alleged bogus purchases. The assessee successfully demonstrated that purchases were genuine by providing documentary evidence linking purchases to corresponding sales, maintaining consistent gross profit and net profit rates compared to previous years, and showing that suppliers had absconded due to financial losses rather than fraudulent intent. The revenue failed to provide evidence proving the transactions were bogus, hawala, or accommodation entries. The CIT(A)'s deletion of the addition was upheld, particularly noting that the department had accepted similar purchases from the same parties in the assessee's sister concern and subsequent years as genuine. en-us Fri, 04 Apr 2025 00:00:00 +0530 Fri, 16 May 2025 08:40:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770796 The ITAT Jaipur dismissed the revenue's appeal regarding alleged bogus purchases. The assessee successfully demonstrated that purchases were genuine by providing documentary evidence linking purchases to corresponding sales, maintaining consistent gross profit and net profit rates compared to previous years, and showing that suppliers had absconded due to financial losses rather than fraudulent intent. The revenue failed to provide evidence proving the transactions were bogus, hawala, or accommodation entries. The CIT(A)'s deletion of the addition was upheld, particularly noting that the department had accepted similar purchases from the same parties in the assessee's sister concern and subsequent years as genuine. Case-Laws Income Tax Fri, 04 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770796