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Commissioner of Income Tax-24 Versus Eagle Impex

2015 (10) TMI 1014 - BOMBAY HIGH COURT

Bogus purchases - Tribunal came to the conclusion that the purchases made from the four parties were genuine whereas both the AO and the CIT(A) had come to the conclusion otherwise - Held that:- Tribunal in the impugned order has considered various evidences in the form of Sales Tax Registration Certificate and the PAN number of the parties, copies of the purchase invoices, quantitative utilization of its purchases corresponding to the export made out of these purchases produced before the Asses .....

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the office of the Assessing Officer for a hearing on 12th February, 2009 and the same was adjourned to 26th February, 2009. Thereafter, again attended on 22nd October, 2009.

The finding rendered by the Tribunal on the appraisal of the evidence led by the Respondent-Assessee before the authorities, is possible view. This finding has not been shown perverse and/or arbitrary in any manner. Thus, we see no reason to interfere with the impugned order passed by the Tribunal. - Decided again .....

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- Whether on the facts and in the circumstance of the case and in law, the Tribunal was perverse in coming to the conclusion that the purchases made from the four parties were genuine, when both the AO and the CIT(A) had come to the conclusion otherwise? 3. The Respondent-Assesee is engaged in the business of manufacturing/ trading and export of Stainless Steel cutlery. In the original Assessment Order dated 27th March, 2006 passed under Section 143(3) of the Act, the Assessing Office disallowed .....

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Assessing Officer. This remand was with a direction to consider and verify the additional evidence which was produced before the Tribunal and decide the genuineness of the purchases. 5. The Assessing Officer by his order dated 24th November, 2009 passed on remand by the Tribunal upheld the disallowance of purchase of ₹ 82.84 lakhs merely on the basis that the Respondent-Assessee had complied with the hearing notice. This without having examined the evidence led by the Respondent-Assessee t .....

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g Officer. The Respondent-Assessee's appeal was allowed to the extent of 75% of the disputed purchases, inter alia holding that there can be no sales in absence of purchase. 7. Being aggrieved, both the Revenue as well as Respondent-Assessee filed appeals to the Tribunal. The impugned order of the Tribunal holds that the evidence led by the Respondent-Assesssee was not examined by the Assessing Officer. This evidence was not examined by the Assessing Officer on the ground that the Respondent .....

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h banking channels i.e. account payee cheque. The copy of the bank statement showing a clearance of the account payee cheques were already produced. The impugned order further observes as under:- The other evidences like sales tax registration certificate and confirmation of accounts by the said parties also prima facie proves the identity of the purchaser. The assessee has also produced copies of purchase invoices and also the entire quantitative details with regard to the purchase and correspo .....

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then it would be farfetched to perceive that such a huge quantity of purchases have not been made. Further, these evidences with regard to the purchases were there with the Assessing Officer in the second round of proceedings, he could have at least made some efforts to verify as to whether these purchases have actually been routed through banking channel i.e. were made through account payee cheques or not or whether the sales tax certificates in the name of these four parties are genuine or no .....

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chases aggregating to ₹ 82.84 lakhs from the four parties were genuine and allowed as expenditure. 8. We find that Tribunal in the impugned order has considered various evidences in the form of Sales Tax Registration Certificate and the PAN number of the parties, copies of the purchase invoices, quantitative utilization of its purchases corresponding to the export made out of these purchases produced before the Assessing Officer. The Assessing Officer in his order of assessment has not exa .....

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