Tax Tribunal Overturns Profit Addition After Evidence Supports Genuine Transactions; Department's Claims Dismissed.

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....The assessee had made purchases from M/s. HJM Fuels Pvt. Ltd., which the Department treated as bogus and added a profit element. The assessee pointed out discrepancies in the incriminating material found from the accommodation entry provider, M/s. HJM Fuels Pvt. Ltd., during the survey. The assessee filed a detailed reply, providing evidence of the genuineness of the transactions, including copies of purchase bills, VAT returns, Form No. 26AS, and quantitative tally of purchases and sales. The Director of M/s. HJM Fuels Pvt. Ltd. submitted an affidavit admitting to the transactions with the assessee, which the Assessing Officer acknowledged. However, the Assessing Officer relied on the incriminating material without providing reasons for di.........