TMI Blog2017 (10) TMI 729X X X X Extracts X X X X X X X X Extracts X X X X ..... ransactions. There was no evidence to show that the amount was recycled back to the assessee. Particularly, when it was found that the assessee the trader had also shown sales out of purchases made from Raj Impex which were also accepted by the Revenue, no question of law arises. - TAX APPEAL NO. 691 of 2017 - - - Dated:- 18-9-2017 - Akil Kureshi And Biren Vaishnav, JJ. Mrs Mauna M Bhat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one of the beneficiaries? 2. The Assessing Officer had disallowed purchase expenditure of ₹ 5.19 crores making the additions treating the purchases as bogus. The assessee carried the matter in appeal. CIT(Appeals) allowed the appeal interalia on the ground that all payments were made by the assessee by Account Payee cheque. The assessee was in fact, a trader. All purchases made from M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sales made by the assessee is concerned. We also find that the entire purchases made by the assessee from M/s. Raj Impex have been accounted by Raj Impex and have paid the taxes accordingly. Considering the facts in totality well appreciated by the First Appellate Authority, we do not find any error or infirmity in the findings of the First Appellate Authority. Ground No.1 is accordingly dismissed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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