2018 (9) TMI 717

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.... ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 14.02.2018 raising following questions for our consideration: "[A] Whether on the facts and circumstance of the case and in law, the Hon'ble ITAT was justified in deleting the addition made on account of bogus opening stock Rs. 6,51,00,02....

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.... provided with ample opportunity to do so ? [D] Whether on the facts and circumstance of the case and in law, the Hon'ble ITAT was justified in confirming the deletion made by the Ld. CIT(A) of Rs. 93,673/, out of disallowance of various expenses of Rs. 1,87,346/, in spite of the facts that assessee has failed to prove that the expenses incurred were wholly made for business purpose?"....

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....ls) called for the remand report and noted that the assessee had made such a declaration before the Income Tax as well as Central Excise Authorities of his stock position as on 31.03.2003. He therefore believed that such stock was actually in existence. He noted that such stock was subsequently sold by making proper declarations with the Excise Authorities. Monthly returns of claiming CENVAT credi....

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....rises. 5. QuestionsB and C pertained to the additions made by the Assessing Officer on account of his belief that the assessee had shown bogus creditors. In this context, the Tribunal while confirming the view of the Commissioner of Income Tax (Appeals), noted that there was sufficient evidence of the genuineness of the creditors. Further, such addition of the purchases would give distorted gro....