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TMI Blog2012 (8) TMI 579X X X X Extracts X X X X X X X X Extracts X X X X ..... cer to bring on record the evidence to show that motive behind the two transactions was evasion of income-tax – in the absence of such evidence – disallowance is deleted – in favor of assessee - 184 of 2011 - - - Dated:- 6-2-2012 - ARUN MISHRA, NARENDRA KUMAR JAIN-I, JJ. JUDGMENT Heard on the question of admission. The appeal has been preferred as against the order passed by the Income-tax Appellate Tribunal affirming the order passed by the Commissioner of Income-tax (Appeals). Deletion of addition of Rs. 22,41,482 has been ordered by the Commissioner of Income-tax (Appeals), which addition was made by the Assessing Officer on account of unexplained sundry creditors. Disallowance was also made on account of claim of los ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd any other evidence to support such inference. Each of these farmers appeared before the Assessing Officer to confirm that he sold his crops. Thus, there is no reason with the Assessing Officer to ignore their statements. Affidavits were enough and sufficient piece of evidence so as to accept the case of the asses- see. Reasons in detail have been given by the Commissioner of Income-tax (Appeals) in 4-5 pages. The order of the Commissioner of Income-tax (Appeals) has been affirmed by the Income-tax Appellate Tribunal. In paragraph No. 13, the Income-tax Appellate Tribunal has observed thus : "After hearing the rival contentions and on a perusal of the materials available on record, we noted that the Assessing Officer has examined the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al, we are satisfied that a finding of fact has been recorded by the Commissioner of Income-tax (Appeals), which has been affirmed by the Income-tax Appellate Tribunal, thus, no case for interference in the appeal is made out. No substantial question of law is involved with respect to the deletion of Rs. 22,41,482. Coming to the submission with respect to the disallowance of Rs. 2,00,200 in the paddy account, the Commissioner of Income-tax (Appeals) has deleted the disallowance of Rs. 2,00,200 made by the Assessing Officer. Certain paddy was purchased by the assessee from Kamal and Co. on March 22, 2006, at Rs. 13,01,200 and on the very same day, it sold the same to Shri Vimal Kumar Jain for sale consideration of Rs. 11,01,100 which resulte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the mandi authorities. In such circumstances, there should be no doubt that the two transactions were entered into at fair market prices. Furthermore, there is no evidence that either party was related to the appellant. In wake of an independent and fair system and the fact that the transactions were between unrelated parties, in my view, the demand of the Assessing Officer for evidence to show that loss was due to fluctuation in market rates is redundant. Further, in a situation where the appellant had discharged its responsibility by furnishing necessary details and document, in my opinion, the onus was on the Assessing Officer to bring on record the evidence to show that motive behind the two transactions was evasion of income-tax. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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