Sale without Purchase is Invalid, No Addition to Income Tax Act: ITAT [Read Order]

The ITAT reversed the addition made on bogus purchases
Sale Without Purchase - transaction in accounting - Bogus Purchase deletion - Bogus Purchase - Income Tax - taxscan

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) observed that Sale Without Purchase is Invalid, as it was evident that the accounting is complete only by taking into account both sides of the transactions. The ITAT deleted the addition under the Income Tax Act, of 1961 on Bogus Purchase. Bhartiya International Ltd,  the…

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