2018 (11) TMI 1940 - HC - Income Tax

Bogus purchases - Consequent bogus sales - as per ITAT as confirming CIT(A) order addition is without any basis - Also as purchases made are not bogus purchases, the sales made out of such purchases cannot be treated as bogus sales - Disallowance of interest paid to Hawala operators be deleted as when the loan was received had not disallowed same as not genuine, having not disallowed the principal as not genuine, there is no justification for making any disallowance of interest paid to the above parties. HELD THAT - Since the concurrent findings of fact given by the Commissioner of Income Tax (Appeals) as well as the Income Tax Appellate Tribunal cannot be re-opened and re-looked into as those are concluded findings and nothing in terms of error in relation to the view so taken by the two forums emerge, we are of the opinion that no significant question of law as such is made out to interfere with the impugned decision or decisions.

Summary

The Chhattisgarh High Court dismissed the appeal as no significant question of law emerged to interfere with the decision of the Commissioner of Income Tax and the Income Tax Appellate Tribunal, whose findings were considered conclusive. The appellant was represented by Ms. Naushina Ali, Advocate, while there was no representation for the respondent.