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TMI Blog2015 (2) TMI 1412X X X X Extracts X X X X X X X X Extracts X X X X ..... .M.) : These two appeals have been filed by the assessee against the order of CIT(A) dated 28-2-2014 for the assessment years 2008-09, in the matter of order passed u/s.143(3) r.w.s.153A of the I.T.Act. 2. The common grievance in both the years relate to addition made on account of purchases of paintings from different parties. 3. Rival contentions have been heard and record perused. The griev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h A Shah, Proprietor of M/s.Royal Trust Corporation, Shri Ashok Palan, Proprietor of M/s. Elegant Trading Company & M/s.Mangala Corporation, Mr. Jesaran Prajapathi, Proprietor of M/s.Raj Enterprises, M/s.Oshwal Traders, M/s.Balaji Sales Corporation, M/s. Jyoti Enterprises, M/s.Marco Enterprises and Mr.Chetan M. Shah, Proprietor of M/s. Neelam Sales Corporation were enclosed as annexures with the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chases, but the assessee did not comply with the same. It is further stated in their statements before the Investigation Wing on 30.05.2007 that the parties denied having sold paintings to the assessee and refused to accept that the said bills were issued by them. On the basis of these findings, the AO held that the following purchases as unproved purchases : A.Y.2006-07 1. M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aintings were purchased have clearly declined such transaction. Furthermore, one of the supplier was not found at the address given by the assessee. Accordingly, department was justified in treating such purchases as bogus. 7. We have considered rival contentions and carefully gone through the orders of the authorities below. We have also gone through the statement recorded by the AO from the sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adding the amount of paintings in the assessee's income when the source of funds for making such purchase was not in dispute, nor the physical form of paintings. Under these circumstances, the only inference which can be drawn is that the assessee might have purchased paintings from some other parties. The value paid to the other parties are not known. Keeping in view the totality of facts and ci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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