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2016 (11) TMI 539 - RAJASTHAN HIGH COURTBogus purchases - whether the purchases which has been done from Vinayak Overseas is genuine or not? - Held that:- AO as already considered by the CIT (A) has confirmed the finding and Vinayak Overseas has specifically contended that they were not transfer by Vinayak Overseas and they were absconding. The Tribunal only on the statement of M.P. Sharma who was power of attorney holder of Vinayak Overseas has given the finding. In our view, the finding is perverse. The view taken by the Tribunal is required to be reversed. Apart from that merely voucher of the import export chanals or chanals of the custom clearance will not prove physical delivery of the material (precious stones). There is nothing on record to certify the stones which were verified by any of the valuer. In our view it is all paper transactions for the purpose of taking benefit of the export and tax benefits. Thus as it is a bogus purchase the finding which has been arrived by the Tribunal is not in consonance with the provisions of law - Decided in favour of revenue
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