2018 (9) TMI 1562

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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. 6,51,00,0....

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....ng 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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....aration genuine and therefore made consequential additions. In appeal, the assessee produced further materials including a certificate from the Superintendent of Central Excise, Surat, of the stock position of the assessee. Commissioner of Income Tax (Appeals) called for the remand report and noted that the assessee had made such a declaration before the Income Tax as well as Central Excise Author....

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....hly declarations were filed. 4. It can thus be seen that the entire issue is based on appreciation of record. Commissioner of Income Tax (Appeals) and the Tribunal concurrently held on facts that the assessee's declaration was genuine. No question of law arises. 5. QuestionsB and C pertained to the additions made by the Assessing Officer on account of his belief that the asse....