Assessments under s.68 and s.69C deleted where detailed documentary evidence proved genuine sales despite isolated third-party statement

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ITAT upheld the order of CIT(A) and dismissed Revenue's appeals, rejecting additions under s.68 and s.69C. The Tribunal found the assessee had furnished corroborative documentary evidence - ledger extracts, sales register, invoices, bank statements, e-way bills, transport details and VAT returns - demonstrating genuine sales recorded in books. The AO's additions rested solely on an isolated statement of a third party without independent corroborative or substantive material, and AO did not controvert the documentary evidence. Accordingly, the Tribunal held the AO's reliance on the investigation wing's finding that a purchaser was bogus was insufficient to sustain additions, and directed deletion of the impugned additions.....