2017 (10) TMI 1443 - HC - Income Tax

Admission of substantial question of law - HELD THAT - following substantial question of law admitted Whether on the facts and circumstances of the case, the ITAT has erred in law and fact by not setting aside the issue of addition of ₹ 3,38,72,852/- on non-genuine purchases to the file of the CIT(A) while the learned ITAT quashed the direction of CIT(A) on the same especially in view of the fact that the ITAT is the ultimate fact finding authority, it should have either settled the issue on the basis of material on record or set aside the matter to the CIT(A) for deciding within the powers vested in it?

Summary

The High Court of Allahabad admitted an appeal based on a substantial question of law regarding non-genuine purchases amounting to Rs. 3,38,72,852. The issue was whether the ITAT should have settled the matter based on the material on record or sent it back to the CIT(A) for decision. Sri Suyash Agarwal represented the respondent and agreed to file his powers within a week. The case was listed for further proceedings.