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2015 (7) TMI 1190 - AT - Income TaxAddition invoking the provisions of Sec. 69C - Held that:- It is an undisputed fact that no adverse finding has been given in so far as sales are concerned. It is a settled proposition that without purchases, there cannot be any sales. It is also an undisputed fact that no adverse inferences have been drawn in so far as the purchase invoice of M/s. Kripa Multi Trade Pvt. Ltd is concerned. We find that the assessee has filed complete details of purchases above ₹ 2, 00,000/- made during the year under consideration. The details are exhibited at pages 22 & 23 of the paper book. We also find that the payments made by the assessee towards purchases are duly reflected in the bank statements of the assessee which are exhibited at pages 71 to 80 of the paper book. Considering all these facts in the light of the decision of the Hon’ble Jurisdictional High Court in the case of CIT Vs M/s. Nikunj Eximp Enterprises Pvt. Ltd [2013 (1) TMI 88 - BOMBAY HIGH COURT ] which has been considered and relied upon by the Ld. CIT(A), we do not find any reason to interfere with the findings of the Ld. CIT(A) n delting addition - Decided in favour of assessee.
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