2016 (8) TMI 1476

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.... Opponent. ORAL JUDGMENT   Mr. KS Jhaveri, 1. The Revenue has filed this Tax Appeal under Section 260A of the Income Tax Act, 1961 against the order dated 18.05.2007 passed by the Income Tax Appellate Tribunal, Ahmedabad raising the following substantial question of law for our determination: "(i) Whether, on the facts and in the circumstances of the case and in law, the Inc....

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....filed its return of income on 05.10.2001 for the A.Y. 2001­02 declaring total income at Rs. 33,04,304/­. At the end of assessment scrutiny, the Assessing Officer passed the order of assessment on 18.03.2004 declaring total income at Rs. 2,45,13,758/­ after making certain additions / disallowances. 3. Being aggrieved by the said order, the assessee filed appeal before the CIT(A). The....

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.... parties have been duly entered in the stock record. The books of the said two suppliers have also been audited and the sales made to the assessee find place in their books of accounts as well. Further, the sales made by the assessee have not been rejected by the Assessing Officer and payment towards the exports have been received by the assessee through banking channel. 5. The Assessing Office....