2022 (3) TMI 1043

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....hrough None. JUDGMENT MANMOHAN, J (Oral): 1. Present appeal has been filed challenging the order dated 26th August, 2020 passed by ITAT in ITA No. 6448/Del/2015 for the Assessment Year 2011-12. 2. Learned counsel for the Appellant states that ITAT has erred in upholding the decision passed by CIT(A), whereby it has deleted the addition made by the Assessing Officer amounting to Rs. 7,1....

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....ortion of the findings of CIT(A) is reproduced hereinbelow:- "8....In the situation when the goods allegedly purchased have been admittedly delivered to the purchaser that is the appellant and payment made thereof through banking channels, the non-availability/tracability of the sellers cannot lead to the conclusion that impugned purchases had not been made at all. When the goods in quest....

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....proceedings have not led to discovery of any evidence either in the form of incriminating documents of unaccounted assets to evidence the possibility of receipt of payments made for purchase in the form of cash. It only means that a casual presumption, especially in the present case' where search has taken place, cannot be made with regard to the impugned purchases being bogus as the goods in ....

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.... documents were found. The Assessing Officer proceeded on the basis of mere assumption that purchases were bogus despite knowing the fact that the purchases were reflected in the books of accounts for A.Y. 2012-13. The Assessee established before the Assessing Officer that the purchases were genuine and the Assessing Officer has also accepted the same, therefore, Section 69C will not be applicable....