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TMI Blog2016 (7) TMI 112X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount from the bank Accounts – decided in favor of revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... Appeals). The Appellate Authority considered the evidence produced before him and came to the conclusion that the purchases shown by the assessee were genuine in as much as the details furnished by the assessee establish the vehicles in which the goods were brought to the premises of the assessee, the total quantity of the goods received by the assessee, the consumption of such goods by the assessee after reflecting the same in the stock book production of oil and sales thereof, and accounting of the profits in the Books of Accounts regularly maintained by the assessee. However, the Commissioner (Appeals) accepted the finding of the Assessing Officer to the extent that the four parties for A.Y.1984-85 and six parties for A.Y.1985-86 from wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record which would permit the Tribunal to undertake review of its own order. That in fact, the Tribunal had duly considered all the papers/documents filed before the Tribunal both by revenue and the assessee and the Tribunal was not in a position to discuss each and every line of the Paper Book in the body of the order. 9 Mrs. Swati Soparkar, learned Advocate appearing on behalf of the assessee submitted that various pieces of documentary evidence on which reliance had been placed and which were forming part of the Paper Book filed before the Tribunal were not considered in proper perspective by the Tribunal. That there was no material before the Tribunal for upholding the addition to the extent of 25% of the value of the purchases, cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer the Tribunal was not justified in holding the purchases to be genuine and granting relief to the extent of 75% without any basis. 11 Having heard the learned Advocates appearing for the respective parties it is apparent that no interference is called for in the impugned order of Tribunal dated 29.04.1994 read with order dated 29.09.1994 made in Miscellaneous Application. In the principal order the Tribunal has recorded following findings : S8.3. We have considered the rival submissions and perused the facts on record. In our opinion the action of the CIT(A) confirming 25% of the amounts claimed is fair and reasonable and no interference is called for. The CIT(A) has gone through the purchase prices of the raw material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and there is no trace or identity of the person withdrawing the amount from the bank Accounts. In light of the aforesaid nature of evidence it is not possible to record a different conclusion, different from one recorded by Commissioner (Appeals) and the Tribunal concurrently holding that the apparent sellers were not genuine, or were acting as conduit between the assessee firm and the actual sellers of the raw materials. Both Commissioner (Appeals) and the Tribunal have therefore come to the conclusion that in such circumstances, the likelihood of purchase price being inflated cannot be ruled out and there is no material to dislodge such finding. The issue is not whether the purchase price reflected in the Books of Accounts matches the pu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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