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2022 (5) TMI 688 - HC - Income TaxAddition u/s 69 - purchases made but not recorded the same in regular books of account - Commissioner (Appeals) and the Tribunal however deleted this addition on the ground that the purchases were reflected in the books of accounts by the assessee and were not made from unexplained sources - HELD THAT:- It could thus be seen that the entire issue is based on facts. The Commissioner (Appeals) and the Tribunal concurrently came to findings of facts which are not perverse. The Tribunal in the above quoted portion of the order has accepted the explanation of the assessee that the entire purchase was made from M/s. Maximum Synthetics Pvt. Ltd. and it was also duly recorded in the regular books of accounts. However, the assessee had shown such purchases from different parties only for the purpose of showing the purchases from multiple sellers to the bank. This was done to obtain higher spending limit from the bankers. No question of law arises.
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