TaxTMI 
TaxTMI 
2008 (7) TMI 977
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.... narrated by the learned Tribunal are as follows: The learned Counsel appearing for the appellant argued that the assessee is 100% export oriented firm, exporting leather goods viz. Wallets and different types of bags. The total export turnover during the year (FOB value) ₹ 19,81,73,720/- and purchases shown at ₹ 11,65,97,523/-. Out of the said purchase, the purchase from 15 parties a....
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....t of all purchase made from these 15 parties and finally the ld. CIT(A) has held 'as regards the purchase, it is seen that these were recorded in the stock register, their consumption is also recorded therein, up to the stage of final production. All these records are audited. They are produced before the Assessing Officer for examination who had not been able to point out any defect in it. Under ....
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....h has also not been disputed by the department as it appears from the order so passed by the learned Tribunal. It further appears from the assessment order that neither the Assessing Officer nor the CIT (Appeal) has disbelieved the genuineness of the transaction. There was no dispute that the purchases were genuine. Accordingly, in our opinion, the learned Tribunal has correctly came to the concl....