2012 (7) TMI 1110

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.... years and representing slightly different amounts. For the purpose of this order, therefore, we may record facts as arising in Tax Appeal No.2471/2009. 2. In this appeal pertaining to the assessment year 1998-99, the revenue has framed the following question for our consideration:- "Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT(A) in deleting the disallowance of Rs. 70,00,000/- made on account of unexplained cash credit u/s.68?" 3. The issue arises in the following factual background. The respondent assessee is a manufacturer exporter. During the previous year relevant to the assessment year under consideration, the assessee claimed certain benefits under section 80HHC of the Inc....

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....e was no cogent evidence in possession of the Assessing Officer to hold that such sales were bogus. The C.I.T. (Appeals) on facts thus reversed the finding of the Assessing Officer that the amount of Rs. 70 lakhs represented bogus sales of the assessee. He, therefore, while deleting the additions under section 68 of the Act, further directed granting of deduction under section 80HHC of the Act with respect to such amount also. 5. Revenue carried the matter in appeal before the Tribunal. The Tribunal did not address the question of correctness of the C.I.T. (Appeals)'s conclusion that amount of Rs. 70 lakhs represented the genuine export sale of the assessee. The Tribunal however, upheld the deletion of Rs. 70 lakhs under section 68 o....