9911796707
TMI Blog1991 (3) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... me-tax Act, 1961, the following questions of law are sought to be raised : "(1) Whether the finding of the Income-tax Appellate Tribunal that the applicant has singularly failed to establish the genuineness of the identity of Indian Wool Traders is wholly unsustainable in law, as the said finding is perverse and unreasonable, being contrary to relevant material available on record, namely, the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esh Kumar vis-a-vis his involvement with the business carried on under the name and style of Indian Wool Traders ? (4) Whether the findings recorded as above by the Income-tax Appellate Tribunal are thus vitiated as being arrived at in disregard of relevant material available on record, thereby rendering such findings wholly unsustainable in law more particularly copy of account of Indian Wool T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Questions 1 to 5, in effect, pertain only to one issue namely, whether Indian Wool Traders is a genuine concern. The petitioner claimed to have made certain payments to the said entity mostly in cash, some by way of bearer cheques and one payment by way of a crossed cheque. The Incometax Officer felt a doubt as to the genuineness of the said concern and called upon the assessee to establish its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and concluded that the said concern is neither genuine nor is its identity established. The ultimate finding of the Tribunal is that "Indian Wool Traders was only a convenient facade". It is contended by learned counsel for the petitioner-assessee that where a payment is made by a crossed cheque, it is itself a proof positive of the genuineness and identity of the recipient. We cannot accept or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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