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2016 (12) TMI 1667 - AT - Income TaxBogus purchases from the Hawala dealers - Held that:- The assessee duly maintained books of account. The contract receipts are completely verifiable as they are paid/received through accounts payee cheque and subjected to TDS. This factual matrix was not even controverted by the Revenue. Thus, mere appearance of the purchase parties on the website of the Sales Tax Department does not falsify the purchases, claimed to be made by the assessee. There is a possibility that some other parties might have engaged with such parties in a suspicious manner but in the present case, no evidence has been brought on record to fortify the suspicion raised by the Assessing Officer, more specifically when the purchase was made through account payee cheque and the payment of receipt from the contractee party/MCGM is also through banking channel. There is no evidence that any payment was paid back in cash. In the light of the foregoing discussion, we find no infirmity in the conclusion of the Ld. Commissioner of Income Tax (Appeal), it is affirmed, resulting into dismissal of appeal of the Revenue.
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