2023 (6) TMI 1077 - SCH - Income Tax

Bogus purchases - Consequent bogus sales - as per HC as confirming ITAT and CIT(A) order addition is without any basis - Also as purchases made are not bogus purchases, the sales made out of such purchases cannot be treated as bogus sales - Disallowance of interest paid to Hawala operators be deleted as when the loan was received had not disallowed same as not genuine, having not disallowed the principal as not genuine, there is no justification for making any disallowance of interest paid to the above parties. HELD THAT - We are not inclined to interfere with the impugned judgment and order passed by the High Court. The special leave petition(s) stand(s) dismissed accordingly.

Summary

The Supreme Court of India dismissed the special leave petition and disposed of any pending applications. The impugned judgment and order passed by the High Court were not interfered with.