TaxTMI 
TaxTMI 
2009 (8) TMI 1198
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....i K. Gopal and Jitendra Jain for the Respondent. ORDER 1. All these appeals are filed by the revenue to challenge the orders of ITAT wherein the Tribunal by following its decision in the case of Uttamchand Jain has deleted the addition of undisclosed income made by the Assessing Officer. It may be noted that the appeal filed by the revenue challenging the decision of the Tribunal in the case....
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....eir statements that the transactions were not genuine and although, later on the statement was retracted and an affidavit was filed on oath to effect that the transactions were genuine, the transactions were not proved. Challenging the aforesaid orders, appeals were filed and ultimately the Tribunal following its decision in the case of Uttamchand Jain (supra) allowed the claim of the assessees an....
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.... the appeals by relying upon its decision in the case of Uttamchand Jain (supra). 5. There is no merit in the above contention because, in all these cases the sales are claimed to have been made either to Vishnudutt Trivedi (Prop. of M/s. Dhananjay Diamonds) or Ratnadeep Jewellery or Kankai Jewellers. Admittedly, Vishnudutt Trivedi had participated in the assessment proceedings relating to Utta....
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.... said purchaser is accounted, in the absence of any material to the contrary it is difficult to hold that the transactions were not genuine. Even if the assessees had paid commission to the middleman for effecting the sale without examining the middleman and without adducing any evidence to the contrary it cannot be said that the transactions are not genuine. Moreover, the genuineness of the sales....