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TMI Blog2018 (9) TMI 1562X X X X Extracts X X X X X X X X Extracts X X X X ..... nt kinds of gray fabric admeasuring 17,57,165 meters. The Tribunal also noted that such stock was cleared in subsequent period, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deleting the addition made on account of bogus credits of M/s. Sanket Export of ₹ 1,83,89,471/despite the fact that 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. Counsel for the Revenue candidly pointed out that in Tax Appeal No.1000 of 2018 involving the same assessee, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... May 2003, and the sale proceeds were also received during the year under consideration. The Tribunal noted that in the declaration before the Excise Authorities, the assessee had shown the stock of the same value pertaining to different kinds of gray fabric admeasuring 17,57,165 meters. The Tribunal also noted that such stock was cleared in subsequent period, for which, 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 hi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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