2014 (10) TMI 75

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....04-2005. 2 The learned counsel appearing for the Assessee, submits that this Appeal raises a substantial question of law inasmuch as the Revenue has sought to displace a transaction and which transaction by no stretch of imagination can be said to be collusive or not genuine. If the limited Company, to whom the payment was made, has shown the same in it's books of account, the amount was paid as commission by cheque and the identification of the parties was made, then, the Tribunal ought to have held that the Assessing Officer should have utilized his coercive powers and compelled the attendance of the persons, namely, Mr. Laxman Khemka. In not doing so and faulting the Assessee for not being able to produce this gentleman, the Commi....

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....d by this Company, which is in a distinct business, that the presence of it's Director, namely, Mr. Laxman Khemka was found necessary and it was stated that he was not cooperating. 5 It is in these circumstances and when the confirmation letter from the Company was not produced that the Tribunal concluded that there is no supporting evidence to hold that Silver was imported by the Assessee at a lesser price from M/s Jerad Metal and that was possible only because of the contacts of Mr. Laxman Khemka with that entity and because of intervention of one Mr. Amar Singh, Manager of ICICI Bank. If the services were rendered by Mr.Laxman Khemka the commission ought to be paid to him, but that is not to be found to be the factual position. ....