9911796707
TMI Blog2011 (2) TMI 344X X X X Extracts X X X X X X X X Extracts X X X X ..... not verifiable with reference to parties and also in the absence of purchase bills - The CIT(A) and the Tribunal had reversed the said finding without referring to any material relating to the identity of the sellers - Hence,the present appeal is allowed and the orders of the CIT(A) and the Tribunal are set aside - The matter is remitted to the CIT(A) to decide the matter afresh in accordance wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition of Rs.20,00,000/- accepting the misleading contentions of the assessee and ignoring the observations of the AO incorporated in the body of the assessment order? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in not appreciating the facts of the case in right perspective thereby rendering its order to be perverse? 2. Briefly stated, the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present appeal by the revenue. 3. We have heard learned counsel for the parties. 4. The Assessing Officer while disallowing the claim of the assessee with regard to loss on account of trading in rice amounting to Rs.20,00,000/- had noticed that the assessee had failed to show that the identity of the sellers was established. The relevant findings recorded by the assessing officer reads th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of 45827.71 qtls of rice, purchase of 43621.26 qtls are made at purchase rate above Rs.900/- per qtls ranging between Rs.900/- per qtls to 950 per qtls. The rest of purchase of 2006.45 qtls is below Rs.900/- per qtls. The average purchase rate thus comes to Rs.906/- per qtls. The complete identity of parties from whom rice was purchased was also withheld. Some instances of party names to show th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. Accordingly, the findings recorded by the CIT(A) and affirmed by the Tribunal are vitiated and cannot be sustained. 6. In view of the above, the present appeal is allowed and the orders of the CIT(A) and the Tribunal are set aside. The matter is remitted to the CIT(A) to decide the matter afresh in accordance with law. 7. The parties through their counsel are directed to appear b ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
