2014 (1) TMI 399

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....ppeal by the revenue under Section 260-A of the Income Tax Act, 1961 is from an order of the Tribunal dated 28 June 2013. 2. The assessment year to which the appeal relates is A.Y. 2005-06. 3. Though several questions of law have been framed, the learned counsel for the appellant states that the following question is comprehensive enough to cover the issues raised in the appeal, which reads ....

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....ntitlements had not confirmed the sale of the quotas to the assessee; the alleged sellers were not traceable and the amount which had been paid was immediately withdrawn from their bank accounts. The Assessing Officer held that the genuineness of the purchase transactions was not proved and accordingly made an addition. 5. In appeal, the CIT (A) held that it had not been doubted by the Assessin....

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....rchase consideration was allowed and addition to the extent of Rs.11.15 lacs was confirmed. 6. The second addition of Rs.3.25 crores by the Assessing Officer was on the ground that the sellers were not traceable and the genuineness of the transactions had not been proved. The CIT (A) observed that the material which was purchased from three parties was in due course of business against issue sl....