Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (1) TMI 820 - HC - Income TaxExistence of substantial question of law - Addition on account of difference in trade creditors account - Whether the ITAT is justified in deleting the amount on account of difference in trade creditors account? - Whether the ITAT is justified in not upholding the addition made on account of ‘unaccounted purchases’, by ignoring the provisions of section 69B ? - Whether the ITAT is justified in deleting the addition made by the CIT(A) on account of ‘unaccounted sales/suppressed sales’, when the ITAT has not disbelieved the amount of closing stock arrived at by the CIT(A)? Held that:- It is significant that no additional material is placed before this Court to demonstrate that the findings of fact arrived at by the Tribunal are perverse. It is emphasized that the cardinal principle is that the Tribunal which is the final fact finding authority and if such findings of fact are to be assailed, it would require a substantial question, as to there being a perverse finding of fact by the Tribunal, to have been raised. In the absence of any such question having been raised, it cannot be said that any question of law arises for consideration, and much less a substantial question of law, as contemplated under Section 260A of the I.T. Act. The learned Counsel for the appellants has re-worded the substantial questions of law as framed in the memoranda of appeals and as framed by this Court at the stage of admission, as on 14.06.2016 at the final hearing as above. The principle that if a finding of fact is not challenged as being perverse, the High Court is bound to accept such finding. Therefore, as no such substantial question of law has been framed and the questions pertain to findings of fact, which cannot be said to be perverse as it is evident that the books of accounts of the respondent had been rejected by the assessing authority, in which case the same books of accounts could not be relied upon in an addition on account of trade creditors and also for arriving at the closing stock. Thus there is no substantial question of law that arises for consideration and the findings of the Tribunal cannot be said to be perverse
|