2019 (10) TMI 576

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....he Tribunal has dismissed the appeal filed by the assessee and allowed the appeal filed by the revenue. Consequently, the assessment order with respect to three transactions of purchase of iron and steel from two dealers at Punjab has been confirmed. 2. Briefly, the assessee was engaged in trading of iron and steel scrap. During the assessment year in question, amongst others, the assessee had issued certain Forms-31 to M/S Khurmi Enterprises, Punjab and M/S Satish Steel Sales, Punjab to import iron and steel scrap. It is also undisputed that against bill Nos. 235 and 236 dated 31.10.2001 and 01.11.2001, M/S Khurmi Enterprises, Punjab dispatched to the assessee iron and steel scrap valued at Rs. 3,02,267/- and Rs. 2,91,642/-. Also, it is....

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....y the assessee. 6. While the assessing officer rejected the claim set up by the assessee, the first appeal authority allowed the appeal in part and accepted the claim raised by the assessee with respect to transactions performed with M/S Khurmi Enterprises, Punjab only. The Tribunal has reversed that finding of fact recorded by the first appeal authority and thus restored the assessment order. 7. The present revision has been pressed on the following question of law: "Whether in absence of any inquiry made by the revenue authorities and in absence of any evidence to doubt the explanation furnished by the assessee, its claim of return of the goods could have been rejected merely on surmises and conjectures?" 8. Heard Sri Pr....