2022 (5) TMI 688

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....) : Mr. K.K. Bissa. ORDER This appeal is filed by the revenue to challenge the judgment of the Income Tax Appellate Tribunal. Following questions are presented for our consideration. "1. Whether on the facts and in the circumstances of the case and in law, the ld. ITAT was justified in confirming the order of the CIT(A) by deleting the addition of Rs.7,82, 95,551/- as made by the....

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....ained investment. The Commissioner (Appeals) and the Tribunal however deleted this addition on the ground that the purchases were reflected in the books of accounts by the assessee and were not made from unexplained sources. In particular, the relevant portion of the judgment of the Tribunal reads as under:- "8. From perusal of the record, we noticed that the entire addition made by the A....

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.... the same is also supported by the stock records. Only for the bank purpose, purchase is shown to the banker in seven names including M/s Maximum Synthetics Pvt. Ltd. as the assessee was under the apprehension that if purchase from one party of Rs.10 cr. is shown to the bank it may lead to adverse opinion from the bankers for grant of limit inasmuch as the banker may take a view that assessee is m....