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2017 (7) TMI 774 - HC - Income TaxAddition of bogus purchases made by the Assessee Company from its group company - ITAT deleted the addition - Held that:- Nothing incriminating was found in the search conducted qua the Assessee except two documents. The ‘core document’ was the ledger account of PRPL in the books of accounts of the Assessee. This clearly reflected the sales made by PRPL to the Assessee on various dates on which payments had been made. This document did not create any doubt about the genuineness of the transactions, particularly in the face of the evidence and enquiries and the responses available on record. These included confirmed copies of all the 23 parties from whom purchases were made by PRPL. The Assessee had also placed detailed evidence for each of the said 23 parties. This was examined afresh by the ITAT. As an exhaustive and detailed factual enquiry has been undertaken, both, by the CIT(A) and the ITAT to arrive at concurrent factual findings which have not been shown to be perverse. - Decided against revenue.
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