TMI Blog2008 (7) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... The learned Counsel appearing for the appellant argued that the assessee is 100% export oriented firm, exporting leather goods viz. Wallets and different types of bags. The total export turnover during the year (FOB value) ₹ 19,81,73,720/- and purchases shown at ₹ 11,65,97,523/-. Out of the said purchase, the purchase from 15 parties amounting to ₹ 83,44,822/- and the seller co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finally the ld. CIT(A) has held as regards the purchase, it is seen that these were recorded in the stock register, their consumption is also recorded therein, up to the stage of final production. All these records are audited. They are produced before the Assessing Officer for examination who had not been able to point out any defect in it. Under the circumstances the purchases are considered to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as it appears from the order so passed by the learned Tribunal. It further appears from the assessment order that neither the Assessing Officer nor the CIT (Appeal) has disbelieved the genuineness of the transaction. There was no dispute that the purchases were genuine. Accordingly, in our opinion, the learned Tribunal has correctly came to the conclusion by deleting the addition of ₹ 15, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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