2017 (4) TMI 1496

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....ng Officer's action disallowing purchases of Rs. 38lacs and Rs. 65,01,101/- in assessment orders dated 26.12.2011, in proceedings u/s.143(3) of the Income Tax Act, 1961; in short "the Act". Heard both sides. Case files perused. 2. Learned counsel informs us at the outset that both these appeals challenge correctness of the above purchases disallowances in respect of separate assessees /appellants wherein the lower authorities treat the same as bogus. Shri Pipara states that the sole issue herein involves identical factual backdrop. We thus treat former appeal ITA No.882/Ahd/2014 in respect of the former assessee Shri Anil Gaherilal Duggad as the lead case. 3. We advert to relevant facts. This assessee trades in brass metal in the n....

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.... its paper book indicating copy of audited accounts, taxed audit report of the above trading concern, copy of accounts of the two payee enterprises for financial years 2008-09 to 2012-13 in former payee's case and from financial years 2007-08 to 2012-13 in latter party's case along with bank statement evidence to buttress the first substantive argument seeking to prove genuineness of the purchases in question. Shri Pipara however fails to dispute the fact that the said two payees are not traceable till date. We therefore find no merit in this genuineness aspect of assessee's argument as it was all the more reason for him to have at least filed the said two parties' confirmations and more so in view of the fact that he had been having busine....