The Bombay High Court has upheld the tribunal order

 The Bombay High Court has upheld the tribunal order

The Bombay High Court has upheld the tribunal order where it was held that the A.O. had not disputed the sales and, therefore, this was not a case of bogus purchases, inasmuch as if the purchase was bogus, it would not be possible for assessee to complete the transaction by way of sale, unless it could be shown from the record that the corresponding sale was also a sham transaction. Therefore, unless the corresponding sale is held to be bogus, the purchase also cannot be held to be bogus, rather it would be a case of purchase from bogus entities/parties. 



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