https://www.taxtmi.com/caselaws?id=783630 Addition for alleged bogus purchases was examined on whether the assessee proved genuineness of purchases and whether the AO could rely on a third-party statement subsequently retracted. The Tribunal held that a retracted statement, without corroboration, has no evidentiary value, and the assessee discharged its onus through contemporaneous documents including tax invoices, transport challans, banking payments, supplier affidavits, VAT details, and consumption records; the expansion was also supported by regulatory approval. Further, the impugned amount was not claimed as a revenue deduction in the return or profit and loss account, undermining the basis for disallowance. The addition was deleted and the appeal was allowed. en-us Wed, 10 Dec 2025 00:00:00 +0530 Fri, 19 Dec 2025 08:30:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783630 Addition for alleged bogus purchases was examined on whether the assessee proved genuineness of purchases and whether the AO could rely on a third-party statement subsequently retracted. The Tribunal held that a retracted statement, without corroboration, has no evidentiary value, and the assessee discharged its onus through contemporaneous documents including tax invoices, transport challans, banking payments, supplier affidavits, VAT details, and consumption records; the expansion was also supported by regulatory approval. Further, the impugned amount was not claimed as a revenue deduction in the return or profit and loss account, undermining the basis for disallowance. The addition was deleted and the appeal was allowed. Case-Laws Income Tax Wed, 10 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783630