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TMI Blog2014 (1) TMI 399X X X X Extracts X X X X X X X X Extracts X X X X ..... . at a rate of Rs.8 per sq. mtr - The CIT (A), based on this rate made an inference that any amount paid by the assessee in excess of Rs.8 per sq. mtr. should be disallowed. Genuineness of purchase transactions - Held that:- The material which was purchased from three parties was in due course of business against issue slips which were maintained by the assessee for the issue of raw material fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... venue under Section 260-A of the Income Tax Act, 1961 is from an order of the Tribunal dated 28 June 2013. 2. The assessment year to which the appeal relates is A.Y. 2005-06. 3. Though several questions of law have been framed, the learned counsel for the appellant states that the following question is comprehensive enough to cover the issues raised in the appeal, which reads as follows: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tas to the assessee; the alleged sellers were not traceable and the amount which had been paid was immediately withdrawn from their bank accounts. The Assessing Officer held that the genuineness of the purchase transactions was not proved and accordingly made an addition. 5. In appeal, the CIT (A) held that it had not been doubted by the Assessing Officer that the assessee had, in fact, made exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he extent of Rs.11.15 lacs was confirmed. 6. The second addition of Rs.3.25 crores by the Assessing Officer was on the ground that the sellers were not traceable and the genuineness of the transactions had not been proved. The CIT (A) observed that the material which was purchased from three parties was in due course of business against issue slips which were maintained by the assessee for the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIT (A). 8. We have carefully considered the order of the CIT (A) as confirmed by the Tribunal. Basically, the entire matter turned upon appreciation of evidence and was based on assessment of the factual material. The Tribunal having confirmed the order of the CIT (A), no substantial questions of law would arise. The appeal is, accordingly, dismissed. There shall be no order as to costs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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