Tax Authorities' Claim Rejected: Sales Validated by Detailed Purchase Records and Declared Profits.

Bogus purchases - it cannot be said that the purchase have been bogus especially when the quantitative details have been tallied item wise and the sale proceeds have been taken into P&L account and the profit earned on such transaction is offered to tax. They could not have been any sales without purchase of the items. Hence, we are unable to accept the contention of the revenue - AT .....

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