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TMI Blog2018 (9) TMI 717X X X X Extracts X X X X X X X X Extracts X X X X ..... iod, for which, monthly declarations were filed. It can thus be seen that the entire issue is based on appreciation of record. Commissioner of Income Tax (Appeals) and the Tribunal concurrently held on facts that the assessee's declaration was genuine. No question of law arises. Addition made on account of bogus credit - ITAT deleted the addition - Held that:- Tribunal while confirming the view of the Commissioner of Income Tax (Appeals), noted that there was sufficient evidence of the genuineness of the creditors. Further, such addition of the purchases would give distorted gross profit rate as compared to gross profit rate disclosed in similar type of business, interalia, on such grounds, the Tribunal dismissed the Revenue's appeal. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at assessee failed to prove the genuineness of the creditors in respect of new purchase in spite of being provided with ample opportunity to do so ? [ D] Whether on the facts and circumstance of the case and in law, the Hon'ble ITAT was justified in confirming the deletion made by the Ld. CIT(A) of ₹ 93,673/, out of disallowance of various expenses of ₹ 1,87,346/, in spite of the facts that assessee has failed to prove that the expenses incurred were wholly made for business purpose? 2. QuestionA relates to assessee's declaration of opening stock of ₹ 6.51 crores (rounded off) of fabric as on 01.04.2013 which the assessee claimed to have purchased from 24 suppliers. Assessing Officer doubted such decla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... monthly declarations were filed. 4. It can thus be seen that the entire issue is based on appreciation of record. Commissioner of Income Tax (Appeals) and the Tribunal concurrently held on facts that the assessee's declaration was genuine. No question of law arises. 5. QuestionsB and C pertained to the additions made by the Assessing Officer on account of his belief that the assessee had shown bogus creditors. In this context, the Tribunal while confirming the view of the Commissioner of Income Tax (Appeals), noted that there was sufficient evidence of the genuineness of the creditors. Further, such addition of the purchases would give distorted gross profit rate as compared to gross profit rate disclosed in similar type of busin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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