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Issues involved: Appeal u/s 260A of the IT Act challenging Tribunal's order on purchase of Rs. 33.13 lacs from non-existent parties.
Summary: The appellant Revenue challenged the Tribunal's order affirming the CIT(A)'s decision regarding the purchase of Rs. 33.13 lacs from non-existent parties. The senior counsel argued that the appellant Revenue failed to prove the purchase was bogus. However, after reviewing the orders of the AO, CIT(A), and Tribunal, it was found that the CIT(A) and Tribunal had soundly appreciated the evidence. The CIT(A) extensively analyzed the evidence and concluded that the purchases were genuine, as evidenced by the receipt of regular purchase bills, delivery of goods, payment by DDs/cheques, and utilization of raw material in manufacturing. The report of the Dy. Director of IT, Indore, was deemed insufficient to disprove the genuineness of the purchases. The Tribunal also found that the assessee satisfactorily explained the payment modes for the raw material purchased from the concerned parties. The Tribunal's factual findings were upheld, and no legal question was found to interfere with the decision. Therefore, the appeal was dismissed, affirming the deletion of the addition of Rs. 33,13,706 made by the AO.
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