2015 (7) TMI 1190

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..... Billaiya (Accountant Member) This appeal by the Revenue is preferred against the order of the Ld. CIT(A)-35, Mumbai dt. 10.05.2013 pertaining to Assessment year 2010-11. The sum and substance of the grievance of the Revenue is that the Ld. CIT(A) erred in deleting the addition of Rs. 1,27,54,500/- which was made by the AO by invoking the provisions of Sec. 69C of the Act. 2. Briefly stated....

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....alleged purchases from this party should not be treated as unexplained and added back to the total income. The assessee filed a detailed reply alongwith copies of purchase bills, bank statement and confirmation from M/s. Kripa Multi Trade Pvt. Ltd. The assessee strongly contended that the fact that M/s. Kripa Multi Trade Pvt. Ltd., is a hawala dealer is never known to it. The AO dismissed the clai....

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....tted before the AO but he did not give any independent comments on the same. AO has not disputed that all payments are made by crossed cheques and which are duly reflected in the bank statements were out of regular bank accounts and were recorded: in the regular books of accounts reflecting the source of, payments. Further, the corresponding sales have been accepted by the AO and, no discrepancy w....

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....he Ld. Counsel for the assessee advanced similar arguments which were made before the First Appellate authority. 7. We have given a thoughtful consideration to the orders of the authorities below. We have also considered the judicial decisions relied upon by the Ld. CIT(A) (supra). It is an undisputed fact that no adverse finding has been given in so far as sales are concerned. It is a settled ....