TMI Blog2012 (7) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... . The payments were made by account payee cheque which were deposited in the Bank. Thus the issue which Revenue is raising in respect of bogus nature of purchase, is concluded against the Revenue by the finding of fact which has been noted above. The appeal does not involve any question of law and is accordingly dismissed - Decided against Revenue. - IT APPEAL NO. 23 OF 2010 - - - Dated:- 29-6-2012 - Shantanu Kemkar and Prakash Shrivastava, JJ. JUDGMENT Heard on the question of admission. 1. The respondent-Company derives income from manufacture of Soyabeen oil. The assessing officer for the assessment year 1992-93, vide order of assessment dated 27.3.1995, found the claim of the respondent-Company in respect of purchase of So ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on record. 4. The Commissioner while dealing with the aforesaid aspect of the matter has held as under :- "5.3 After applying my mind to the facts of the case, I am inclined to hold that the above submissions of the learned counsel are quite justified. The AO has simply mentioned in the asstt. Order that on enquiry some of the vehicles shown to have been involved in the supply of seeds have been found to be two-wheelers and cars and not trucks metadors, but has not given any specific instance. Therefore, the charge made by the AO to this extent cannot be verified by this office. Even otherwise, it is a fact that the vehicle Nos. are being mentioned at the gate-passes by the security staff who are not highly literate and who may writ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l activity has been found to be false. Even if such finding and views of the Department were to be upheld, nothing prevented Shri Bharat Modi to purchase soya seeds from the market in his name and in the name of his family members and contact these three parties for effecting the sales in order to give uniform to his story and on the instructions of these three parties direct the persons from whom he had made purchases to deliver the goods at the Plants of the appellant and obtain delivery receipts and thereafter to take such receipts to the three traders for obtaining payments. The Department has simply not established that directors or any employee of the appellant Co. was in collusion with Shri Bharat Modi and his family members and on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed yield of 99.54% and loss of .46% in the last year, the disclosed yield of 99.9% in the present assessment year should have been held by the A.O. to be reasonable and not low and similarly the loss of .10% shall also not have been held excessive when loss of .46% has already been accepted by the Deptt. in the last year. Therefore, viewed from any angle, the charge of making of bogus purchases by the appellant to the extent of goods purchased from three persons which were shown to have been purchased by them from Bharat Modi and family members cannot be upheld because the record show that the appellant had received the goods and the principle of natural justice demands that it should not be made to suffer by making inquiries of source of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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