TMI Blog2023 (10) TMI 627X X X X Extracts X X X X X X X X Extracts X X X X ..... ra parties. CIT has not disputed the existence of the parties and the purchases made or commission paid. No contrary evidence was placed on record to substantiate that the purchases made or commission paid is bogus. No error in the order of ITAT so as to raise any substantial question of law in the present appeal. - HONOURABLE MR. JUSTICE BIREN VAISHNAV AND HONOURABLE MRS. JUSTICE MAUNA M. BHATT Appearance: For The Appellant(S) No. 1 : Mrs Kalpana K Raval(1046) For The Opponent(S) No. 1 : Ms Vaibhavi K Parikh(3238) ORAL ORDER (PER: HONOURABLE MRS. JUSTICE MAUNA M. BHATT) 1. This appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 ( the Act for short) is directed against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred in observing that Ld. PCIT was not empowered and entitled to revise assessment order u/s. 263 of the Act r/w Explanation 2 thereto by ignoring the fact that the Assessing Officer has passed the assessment order without making inquiries/verification that unless and until, it is confirmed by the parties by the documentary evidence by recording the transaction in their books of account the purchases and commission expenses claimed by the Assessee, cannot be treated as genuine and which should have been made? (iii) Whether on the facts and in the circumstances of the case and in law, the Ld. Tribunal has erred in quashing the order u/s. 263 of the I.T. Act and allowing all the grounds of the Assessee without considering that the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed were not genuine. 6. On the other hand, learned senior counsel supported the order of ITAT and submitted that there is no error in the order of ITAT dated 11.10.2022 and, therefore, no interference is called for. 7. Having considered the submissions, it is noticed that the Tribunal has held as under: 8. We have considered the rival submissions of both the parties and have seen the orders of lower authorities carefully. We find that during the assessment proceedings, the Assessing Officer made investigation about the purchases and commission payment. Though, there is no such reference in the assessment order about such enquiries or investigation with regard to purchases or commission expenses. We find that during the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... antiate the purchases or commissions paid is bogus. 8. From the above findings it is evident that during assessment proceedings, the A.O. has made inquiries about the purchases made by the assessee and commission paid to the parties. The A.O. for inquiring into purchases made and commission paid issued notice dated 24.6.2016. In response the assessee furnished bank statement, tax invoices and ledger accounts of the contra parties. Moreover, the Pr. CIT has not disputed the existence of the parties and the purchases made or commission paid. No contrary evidence was placed on record to substantiate that the purchases made or commission paid is bogus. In view of above we do not find any error in the order of ITAT so as to raise any subst ..... X X X X Extracts X X X X X X X X Extracts X X X X
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