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TMI Blog2022 (5) TMI 223X X X X Extracts X X X X X X X X Extracts X X X X ..... al Representative could not produce any other evidence to show that purchases are not genuine. - Decided against revenue. - ITA No. 1533/Mum/2021 - - - Dated:- 28-4-2022 - Shri Prashant Maharishi, AM And Shri Amarjit Singh, JM For the Assessee : Shri Gaurav Kabra, CA For the Revenue : Shri Dr. Mahesh Akhade, CIT DR ORDER PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by the Dy. Commissioner of income-tax, Central Circle 7(4), Mumbai (the learned Assessing Officer) against the appellate order dated 22nd June, 2021 of the Commissioner of Income Tax (Appeals)-49, Mumbai [the learned CIT(A)] for Assessment Year 2017-18. 02. The learned Assessing Officer has raised solitary issue in this appeal regarding de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FY 2016-17 has purchased fabric of ₹5.67 crores from La Trendz Fabrica Private Ltd. and sold to Banbury Export which is one of the division of the assessee company. This was the only purchase made by M/s Neelanchal Sales Suppliers Pvt. Ltd. The assessee was asked to establish the genuineness of the purchase transactions. A show cause letter dated 18th December, 2019, was issued. 06. In response to that assessee submitted on 20th December, 2019, sale is genuine and same is reported in the audited financial statements. Assessee also filed copies of invoices, bank statements and transportation receipts. 07. Learned Assessing Officer noted that most of the purchases are in the month of April and May. M/s Neelanchal Sales Supplie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also submitted that all transport bills are placed at page nos. 157 to 163 of the Paper Book. He further referred that all the payments have been made through account payee cheque and confirmation of the seller is also submitted. He further relied on the letter dated 20th December, 2019, submitted before the learned Assessing Officer. He supported the order of the learned CIT(A). 012. We have carefully considered the rival contentions and perused the orders of the lower authorities. We find that assessee is engaged in the business of manufacturing of textile along with trading and its job work. During the course of search of Indo Count Industries Ltd. it was found that one company M/s La Trendz Fabrica Private Ltd. performing the job wor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s were found from any of the premises that purchases made by the assessee are non-genuine. (vii) The statement of Shri Suhel Saraf, in fact supports stand of the assessee. Learned CIT(A) referred to question no. 26 where the source of purchase by M/s Neelanchal Sales Suppliers Pvt. Ltd. and subsequent sales to the assessee was shown. There is no evidence that the purchase made by the assessee is bogus. (viii) The addition made by the learned Assessing Officer is purely on the basis of guess work, conjunctures and surmises. 014. We find that the reasons given by the learned CIT(A) do not suffer from any infirmity. Further, the learned Assessing Officer has raised categorical point that the suppliers of the goods M/s Neelanchal Sal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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