https://www.taxtmi.com/caselaws?id=775941 The ITAT held that the assessee successfully discharged the initial burden of proving the genuineness of purchases by providing supporting documents and audited accounts. Despite investigation wing allegations of bogus purchases based on third-party statements, no concrete evidence was found by the AO to substantiate these claims. The assessee maintained detailed quantitative records without defect, and no proof was presented to show that the assessee's funds were routed back through the concerned entities. The tribunal emphasized that additions cannot be made on suspicion or surmises alone. As the AO failed to produce conclusive evidence during search proceedings, the addition was deleted, ruling in favor of the assessee and against the revenue. en-us Wed, 04 Jun 2025 00:00:00 +0530 Sat, 02 Aug 2025 07:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775941 The ITAT held that the assessee successfully discharged the initial burden of proving the genuineness of purchases by providing supporting documents and audited accounts. Despite investigation wing allegations of bogus purchases based on third-party statements, no concrete evidence was found by the AO to substantiate these claims. The assessee maintained detailed quantitative records without defect, and no proof was presented to show that the assessee's funds were routed back through the concerned entities. The tribunal emphasized that additions cannot be made on suspicion or surmises alone. As the AO failed to produce conclusive evidence during search proceedings, the addition was deleted, ruling in favor of the assessee and against the revenue. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775941