9911796707
TMI Blog1999 (5) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... a cooked up affairs to reduce the total income of the assessee and as such is not allowable?" The assessee, Basant Investment Corporation, claimed loss of Rs. 17,56,071 in purchase and sale of jute. The Assessing Officer found that originally the assessee has shown purchase of raw jute from Rohini Trader and Exporters Ltd. at Rs. 83,17,141. But, subsequently, it was stated by the assessee that the jute was purchased from four parties, viz., (1) Rohini Trader and Exporters Ltd. Rs. 25,72,048.07 ; (2) Senilis Trading Syndicate Ltd. Rs. 23,39,553.48 ; (3) Olympic General Trading Limited Rs. 26,44,721.06 and (4) Adarsh Commercial Co. Limited Rs. 7,60,818.91, totalling to Rs. 83,17,141.52 and sold it to the Dalhousie Jute Company Limited for Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ircumstances of this case. I have also looked into the evidences produced by the appellant before the Income-tax Officer. There is no doubt that the raw jute was actually sold and delivered to Dalhousie Jute Co. Ltd. The appellant-firm purchased such raw jute from four different sellers. All purchase and sale transactions of the appellant-firm are evidenced by contract notes, bills and vouchers and these transactions have been corroborated by the four seller companies as well as the said Dalhousie Jute Co. Ltd. The explanation given by counsel appearing on behalf of the appellant-firm in regard to the qualitywise difference is very clear. There is absolutely no difference between the total quantity of purchases made and what was ultimately ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preciated the explanation given by the assessee which appeared to us to be quite convincing and acceptable. Similar is the position as regards the explanation of the assessee regarding absence of date of receipt on the receipted challans endorsed by the Dalhousie Jute Co. Ltd. and discrepancy in dates and outstanding amounts on account of receipts of payments by the assessee-firm from the Dalhousie Jute Co. Ltd. We also hold that the other allegations made by the Income-tax Officer are fully explained by the assessee-company and apart from mere suspicion, surmises and conjectures, there appears to be no valid ground for treating the loss suffered by the assessee in purchase and sale of raw jute. The transactions of purchases and sales made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le, on that ground, it cannot be said that the finding given by the Commissioner of Income-tax (Appeals) as well as the Tribunal is perverse. When the finding of fact is not perverse, this court should not interfere with the question which is based on the finding of fact. Consequently, we hold that no case is made out to interfere in the concurrent finding of the Commissioner of Income-tax (Appeals) and the Tribunal regarding genuineness of loss. Accordingly, we answer question No. 1, i.e., whether the finding of the Tribunal is based on the materials on record, is in the affirmative and in favour of the assessee and against the Revenue. Question No. 2 pertains to whether the Tribunal was justified in law in not holding that the alleged ..... X X X X Extracts X X X X X X X X Extracts X X X X
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