Purchases Supported by Bills, Entries Made in Books and Payment made by Cheque not Bogus: ITAT

Purchases supported by bills, entries made in books, and payment made by cheque not bogus: ITAT: The ITAT has ruled that purchases supported by proper bills, book entries, and cheque payments cannot be considered bogus. This decision comes after the Income Tax Department challenged the authenticity of certain transactions, alleging them to be fictitious. The tribunal's ruling reaffirms the importance of maintaining thorough documentation and transparent financial practices. By upholding the legitimacy of these transactions, the ITAT has set a standard for the evidentiary requirements in tax assessments, emphasizing the need for clear and substantiated records.