No Bank Statements to Prove Transactions: Bombay HC orders Full Disallowance of Bogus Purchases u/s 69C [Read Order]

The Bombay High Court ruled that full disallowance of bogus purchases is mandatory in the absence of bank statements under Section 69C of the Income Tax Act

By Kavi Priya - On March 6, 2025 4:28 pm - 2 mins read

Bank Statements - Bank Statements to Prove Transactions - Bombay HC - Bombay HC order - Disallowance of Bogus Purchases - Bogus Purchases - taxscan

In a recent ruling, the Bombay High Court ordered the full disallowance of bogus purchases under Section 69C of the Income Tax Act, citing the absence of bank statements to verify transactions. The case involved Shree Ganesh Developers, a real estate firm, which had declared an income of Rs. 61,05,420. During scrutiny, the Assessing Officer…

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