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TMI Blog2015 (9) TMI 391X X X X Extracts X X X X X X X X Extracts X X X X ..... ess of the transactions. While setting-aside the disallowance of the deductions on account of the purchases, the CIT (Appeals) undertook a detailed analysis of the production figures for the previous assessment years and for the assessment year in question. Having done so, it arrived at the GP ratio and inferred that the appellant had received the material corresponding to the purchases made from the vendors. It was found for instance that the existence of the vendors stood confirmed by the Excise & Taxation Officer. The assessee would rely upon the PAN numbers which were now produced during the course of these appeals. The excise record was also analysed by the CIT(Appeals). The CIT(Appeals) undertook a detailed analysis in coming to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of section 68, we would have dealt with the issue ourselves. However, that is not the only question in these proceedings. Thus the impugned order is set-aside and the matter is remanded to the Income Tax Appellate Tribunal for fresh decision - Decided in favour of assessee for statistical purposes. - ITA No. 205 of 2014, ITA No. 423 of 2014 - - - Dated:- 4-9-2015 - S. J. Vazifdar, ACJ And G. S. Sandhawalia, JJ. For the Appellant : Mr. Sanjay Bansal, Senior Advocate with Mr. Rajiv Sharma, Advocate For the Respondent : Mr. Tejinder Joshi, Advocate ORDER S. J. Vazifdar, Acting Chief Justice Both the appeals are filed by the assessee against the common order and judgment of the Income Tax Appellate Tribunal i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vidences/pleadings and factual findings of CIT(A) and in contravention of the provisions of law? B. Whether Hon ble Tribunal has erred in reversing the well reasoned order of learned CIT(A) and has erred in law in disallowing purchases of ₹ 1,14,82,688/-? 5. The Assessing Officer rejected the books of account and disallowed the expenses with regard to the purchase of the material by the appellant to the extent of ₹ 1,14,82,688/-. The assesse contended that the goods of the value of ₹ 90,43,204/-, ₹ 6,90,253/- and ₹ 17,49,231/- respectively, were purchased by it from M/s Rama Enterprises, M/s AGS Enterprises and M/s Royal Industries Corporation. After rejecting the books of account under Section 145(3) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chases had been made by the vendors and thereafter in turn sold to the appellant. The appellant paid the amounts which were credited in the bank accounts of the vendors. It appears that thereafter these amounts were withdrawn/paid over/credited to another entity, namely, M/s Maa Durga Trading Company who in turn withdrew the same almost immediately. The summons were issued under Section 131(1) of the Act which admittedly could not be served by the Inspector who reported that the names of the vendors appeared at the addresses given but they had left the premises. The Excise Taxation Authorities confirmed that the purchases had been made by the vendors from M/s Maa Durga Trading Company. However, the enquiries made by the Assessing Offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the transactions. 10. While setting-aside the disallowance of the deductions on account of the purchases, the CIT (Appeals) undertook a detailed analysis of the production figures for the previous assessment years and for the assessment year in question. Having done so, it arrived at the GP ratio and inferred that the appellant had received the material corresponding to the purchases made from the vendors. It was found for instance that the existence of the vendors stood confirmed by the Excise Taxation Officer. The assessee would rely upon the PAN numbers which were now produced during the course of these appeals. The excise record was also analysed by the CIT(Appeals). The CIT(Appeals) undertook a detailed analysis in coming to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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