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2014 (1) TMI 1493 - HC - Income TaxValidity of order passed by ITAT - allegation of non-existent or bogus transaction. - Held that:- The ITAT cannot be faulted in its approach in rendering the findings of fact – The order of the ITAT and the discussion shows that the ITAT took note of the materials before the AO and the CIT (A), which included the assessee’s books of accounts as well as the Sales Tax records of Shree Laxmi Industrial Corporation - These established firmly and conclusively that the claim of the assessee that it had purchased goods from Shree Laxmi Industrial Corporation were borne out - The ITAT also noted that the income-tax authorities had not even rejected the books of the assessee even while finding the claim as genuine transaction to be bogus – There was no error in the order of the Tribunal - No substantial question of law arises – Decided against Revenue.
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