2017 (9) TMI 249

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rak & Mr. P.C. Tripathi for the Appellant Mr. A.R. Malhotra with Mr. N.A. Kazi for the Respondents ORDER P.C: 1. After having heard Mr. Mistri, learned Senior Counsel appearing on behalf of the appellant at some length and perusing with his assistance the order passed by the Income Tax Appellate Tribunal dated 1392013, impugned in these appeals, we are of the opinion that out of the qu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Tax (Appeals) and the Assessing Officer. 5. There are concurrent findings of fact as the Assessing Officer treated the purchases of goods from M/s. Shree Durga Iron & Steel Pvt. Limited and M/s. Surajbhan Rajkumar Pvt. Ltd., as nongenuine. 6. They were treated as nongenuine because the Tribunal discovered that only one person, who claims to have made the supplies to the assessee (Mr. P.K. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r onward supply to the assessee, then, the findings of fact based on the materials and particularly the statement of Mr. Agarwal cannot be termed as perverse. We cannot undertake the exercise of reappreciation and reappraisal of the factual material to arrive at a different conclusion. So long as the conclusion reached is probable and possible, then, it cannot be termed as perverse. 8. The requ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t it and to the extent of Rs. 42,04,759/, these would have to be probed further. 10. Hence, the appeals stand admitted on the following substantial questions of law: "(i) Whether it is incumbent on the Respondent No.1 to establish a nexus between the exempt income and the expenditure sought to be disallowed under Section 14A of the Act before any such disallowance could be made? (ii) Whet....