2017 (8) TMI 1426

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....l ORDER Heard Shri Praveen Kumar, learned counsel for the appellant and Shri R.P. Agrawal learned counsel for the respondent. This appeal has been preferred by the revenue against the order of the Income Tax Appellate Tribunal dated 21.02.2017. The first and foremost question sought to be raised in this appeal is:- "Whether the purchases of rice bran by the respondent -assessee are bog....

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....dividual capacity as the bank accounts were in their names and in the name of one of the firm M/s. Nisha Enterprises.The Assessing Officer is not correct in holding that the aforesaid purchases were bogus inasmuch as the supplies were made by Party (A) and payments were made to Party (B). In fact the supply and payment were made to the same parties but with different names. The findings of CIT ....