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2013 (10) TMI 462 - AT - Income TaxAddition by A.O. on the plea of bogus transaction of the assessee – Held that:- There is no material on record to say that the purchases made by the assessee from the said concern were bogus except the general statement recorded by the Department in the case of Shri Rakesh Kumar Gupta, which was later on retracted. In absence of any material brought on record against the submissions made by Shri Rakesh Kumar Gupta in his letter dated 20/12/2009 filed before the AO of the assessee the addition, made in the case of the assessee will be based on presumption only and it cannot be sustained in the eyes of law – Decided in favor of Assessee.
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