2010 (2) TMI 1165

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.... this Court are as under: (1) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in coming to the conclusion that the order passed by the Appellate Commissioner is not a speaking order and not suffering from the vice of principles of natural justice? (2) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in deleting the addition made by the Assessing Officer under Section 69C of the Income Tax Act on account of unexplained investment to the tune of Rs. 32,67,978/? (3) Whether on the facts and in the circumstances of the case and in law, the order of the Income Tax Appellate Tribunal is perverse or no....

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....ed the Appeal filed by the Assessee and deleted the addition sustained by the CIT (Appeals). At the same time, the Tribunal has dismissed the Appeal filed by the Revenue. 7 Mr. B.B. Naik, learned Senior Counsel, appearing for the Revenue has submitted that the learned CIT (Appeals) has not assigned any reason, whatsoever, while reducing the addition from Rs. 32,67,978/to Rs. 5,05,800/. He has further submitted that the Assessing Officer has discussed at length the various issues and arrived at the conclusion that the purchases were made by the Assessee from unaccounted cash and several discrepancies were recorded by him in the Assessment Order. Without appreciating this finding recorded by the Assessing Officer, the CIT (Appeals) has ....

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....he authorities below. First of all, it is to be recorded that, in the order passed by the Assessing Officer, the Assessing Officer has started the discussion on the issue of bogus purchases and ultimately came to the conclusion that though the purchases can be said to be genuine, the payments, however, for such purchases were made by the Assessee in cash, which is unaccounted for. As such, there is no basis for arriving at this conclusion. The CIT (Appeals) has considered these transactions of purchases, which are of small in nature and arrived at peak of Rs. 5,05,800/. However, the Tribunal has made detailed analysis of the facts and after making certain propositions which are relevant in support of these transactions, the Tribunal has ....