ITAT Quashes PCIT’s Revision Order on Alleged Bogus Purchases Citing AO’s Plausible View Backed by ITO Report and VAT Returns

The ITAT quashed the PCIT's revision order that accused a taxpayer of making bogus purchases. The court ruled in favor of the taxpayer, citing plausible views, the ITO report, and VAT returns supporting the purchases, making the revision order invalid. The case reaffirmed that reasonable assessments based on available evidence are critical in tax disputes.