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2010 (2) TMI 1165 - HC - Income TaxUnexplained investment u/s 69C - bogus purchases - HELD THAT:- Assessing Officer has started the discussion on the issue of bogus purchases and ultimately came to the conclusion that though the purchases can be said to be genuine, the payments, however, for such purchases were made by the Assessee in cash, which is unaccounted for. As such, there is no basis for arriving at this conclusion. Tribunal has rightly held that the purchases made by the Assessee from four different parties are duly recorded, payment for such purchases are also found to be recorded and Revenue has not doubted the genuineness of the sales, rather has accepted the same, there is no allegation of suppression of sale price or suppression of value of closing stock either quantity wise or value wise and there is no allegation of inflation of purchases also. Tribunal, therefore, came to the conclusion that no addition can be made on either of these counts and the peak arrived at by the CIT (A) is also not justified. Considering the order passed by the Tribunal, we are of the view that, the findings recorded by the Tribunal are based on merit. We, therefore, dismiss both the Appeals.
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