https://www.taxtmi.com/caselaws?id=462061 ITAT Mumbai held that while the assessee admitted to obtaining bogus purchase bills from accommodation entry providers, the tribunal found that cash generated from these transactions was utilized solely for legitimate business purposes including land acquisition and development. Despite the Revenue proving bogus purchases through search evidence, the tribunal ruled in favor of the assessee as no evidence was presented showing the funds were used for personal or illegal activities. The decision went against the Revenue. en-us Tue, 29 Jun 2021 00:00:00 +0530 Sat, 17 May 2025 13:45:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462061 ITAT Mumbai held that while the assessee admitted to obtaining bogus purchase bills from accommodation entry providers, the tribunal found that cash generated from these transactions was utilized solely for legitimate business purposes including land acquisition and development. Despite the Revenue proving bogus purchases through search evidence, the tribunal ruled in favor of the assessee as no evidence was presented showing the funds were used for personal or illegal activities. The decision went against the Revenue. Case-Laws Income Tax Tue, 29 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462061