TaxTMI 
TaxTMI 
2015 (1) TMI 661
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....AKAR, J.) Aggrieved by the order of the Income Tax Appellate Tribunal in dismissing the appeal filed by it, the Revenue is before this Court challenging the said order by filing the present appeal and this Court, vide order dated 9.7.07, framed the following substantial questions of law for consideration :- 1) Whether on the facts and in the circumstances of the case, the Income Tax Tribunal is ....
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....ear on 17.10.01. The said return was processed under Section 143 (1) of the Act on 23.5.02. Subsequently, the case was selected for scrutiny to examine the sundry credits amounting to Rs. 109 Lakhs after approval of the competent authority. Notice under Section 143 (2) dated 11.6.02 was served on the assessee on 15.6.02 and after several hearings and perusal of the records, a letter wa....
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....Officer, and based on the reports of the Assessing Officer dated 9.8.04 and 24.9.04 and other records, came to hold that the trade creditors are genuine. Along with the order, the CIT (Appeals) enclosed an annexure giving the details of the names of such party, the explanation offered by the assessee, bank payment details and banker's certificate and came to the conclusion that they are bona f....
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....ind that the issue as raised is a pure question of fact as has been concurrently found by the CIT (Appeals) and the Tribunal. Accordingly, there being no infirmity in the above order of the Tribunal, the first question of law is answered in favour of the assessee and against the Revenue. 7. Insofar as the second question of law is concerned, since the procedure prescribed under the Act has been c....