In the result, appeal of the assessee is allowed and the Cross appeal of the Revenue is dismissed
Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)
xvi) In absence of any direct evidence showing non - genuineness of purchases, addition made on account of bogus purchases by merely relying on statements of third parties recorded under survey proceedings, was not sustainable. Cannon Industries (P.) Ltd. v. Deputy Commissioner of Income-tax [2015] 59 taxmann.com 65 (Mumbai - Trib.) 5.6.2. On careful perusal of the impugned order