2020 (9) TMI 824

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..... Bhatia, learned counsel ORDER RAVI MALIMATH, ACJ. - The appellant is a manufacturer of electromagnetic equipment used for environmental testing of vibrations. It filed an income tax return on 30-11-2006 for the financial year 2005 - 06 along with audited balance sheet and statement of accounts. A notice was issued under section 143 (2) of the Income-tax Act, 1961. Thereafter, the appell....

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....ssed. Thereafter, the appellant filed a second appeal under section 253 of the Income-tax Act, 1961 before the Income-tax Appellate Tribunal. The second appeal was also dismissed. Hence, the instant appeal. 2. The appeal was admitted on 20-3-2013 on the question - whether the appellant has discharged the obligation to satisfy the genuineness of the creditors in terms of section 68 of the Income....

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....been produced. The genuineness of the transactions has also been proved. 4. The same is disputed by learned counsel for the revenue. He submits that the appellant having failed to satisfy the authority with regard to the genuineness of the transactions cannot now contend to the contrary. 5. However, on considering the contentions, we are of the view that the assessing officer should have con....