Addition of ₹11.14 crore on account of alleged bogus purchases could not be sustained without first verifying the assessee’s claim that purchases worth approximately ₹11.07 crore had been reversed in its books and were never claimed as a deduction while computing taxable income.
The post ITAT remits purchase addition issue to AO, confirmed 50% disallowance of unsubstantiated labour charges appeared first on TaxGuru.