TMI Blog2010 (2) TMI 1165X X X X Extracts X X X X X X X X Extracts X X X X ..... ent parties are duly recorded, payment for such purchases are also found to be recorded and Revenue has not doubted the genuineness of the sales, rather has accepted the same, there is no allegation of suppression of sale price or suppression of value of closing stock either quantity wise or value wise and there is no allegation of inflation of purchases also. Tribunal, therefore, came to the conclusion that no addition can be made on either of these counts and the peak arrived at by the CIT (A) is also not justified. Considering the order passed by the Tribunal, we are of the view that, the findings recorded by the Tribunal are based on merit. We, therefore, dismiss both the Appeals. - MR. K.A.PUJ AND MR. RAJESH H.SHUKLA, JJ F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in deleting the addition made by the Assessing Officer in the sum of ₹ 5,05,800/? (ii) Whether on the facts and in the circumstances of the case and in law, the order passed by the Income Tax Appellate Tribunal is perverse or not? 4 The brief facts giving rise to these Tax Appeals are that the Assessing Officer has passed the Assessment Order on 12.03.2004 determining the total income of the Assessee at ₹ 35,17,200/as against the Returned Income of ₹ 2,33,253/. One of the major additions made by the Assessing Officer is on account of unexplained investment of ₹ 32,67,978/under Section 69C of the Income Tax Act, 1961. 5 Being aggrieved by the Assessment Order, the Assessee has preferred an Appeal befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be restricted to be peak determined at ₹ 5,05,800/. 8 Mr Naik, further submitted that even this ₹ 5,05,800/was also deleted by the Tribunal on the ground that the purchases were made by the Assessee from four different parties, quantitative wise as well as value wise details have been furnished by the Assessee and they were duly recorded in the books of accounts, the payment for such purchases has been found to have been made by crossed cheques and duly recorded in the books of accounts. The Tribunal has, therefore, come to the conclusion that even the addition sustained by the CIT (Appeals) on the basis of peak of purchases is not sustainable. 9 Mr. Naik, therefore, submitted that both the appellate authorities have not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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