Purchases in question were not Bogus”: ITAT uses CESTAT Ruling Ratio to quash Income Tax Revision Proceedings

Purchases Not Bogus, ITAT Quashes Revision: The ITAT ruled in favor of the taxpayer, rejecting the revenue department’s claim of bogus purchases. Using the ratio from a CESTAT ruling, the tribunal found that the purchases in question were genuine and did not warrant income tax revision proceedings. This case reinforces the principle that tax authorities need concrete evidence before claiming transactions as fictitious or non-genuine.