2014 (8) TMI 1005

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... : This appeal by the Revenue is preferred against the order of the Ld. CIT(A)-20, Mumbai dt. 26.7.2010 pertaining to A.Y.2006-07. 2. The grievances of the Revenue read as under:   "1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs. 1,27,98,022/- relating to bogus purchases from M/s. Zalak Impex, despite evidence available, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ssessing the income was provided to the assessee. The assessment was reopened on the basis of an intimation received from ITO-25(2)(1), Mumbai stating that Shri Hiten L. Raval, Proprietor of M/s. Zalak Impex indulged in issuing bogus bills, providing accommodation entries in the form of sales & purchases and during the course of the survey at the premises of Shri Hiten L. Ravel where it has been m .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... making additions on account of bogus purchases at Rs. 1,27,98,022/. 4. The assessee carried the matter before the Ld. CIT(A) and reiterated its claim that purchases were genuine, the payments were made by account payee cheque and the purchased diamonds were subsequently exported, the details of which were filed before the AO . The related invoices were also produced before the Ld. CIT(A). After c .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... respect of exports to M/s. Andin International, the AO has assumed that the export was made from unaccounted purchases. The Ld. CIT(A) finally concluded by stating that there is no credible basis for the AO to hold the purchases made from M/s. Zalak Impex as bogus and deleted the addition of Rs. 1,27,98,022/-.   5. Aggrieved by this, the Revenue is before us. 6. The Ld. Departmental Repres .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... en drawn by the AO in so far as exports of diamonds are concerned. Without purchases there cannot be any sales. The entire additions made by the AO are based on assumptions and presumptions. We, therefore, decline to interfere with the findings of the Ld. CIT(A). 9. In the result, the appeal filed by the Revenue is dismissed. Order pronounced in the open court on 8th August, 2014
Case laws, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X