No Addition under Income Tax Law on Bogus Purchases, Where Sales Are Accepted and Supplies Are Backed by GST Records and Banking Trail
The ITAT, Kolkata Bench in M/s Diach Chemicals & Pigments Pvt. Ltd. set aside the addition sustained by the Commissioner of Income-tax (Appeals) on account of alleged bogus purchases and held that where the impugned purchases are duly backed by tax invoices, e-way bills, lorry receipts, weighment slips, GSTR-1 and GSTR-3B