2009 (11) TMI 45

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....for the revenue. Mr. Animesh Sharma, Advocate, for the assessee. ORDER 1. This application has been filed for direction to make reference on question of law to the following effect:- "Whether on the facts and in the circumstances of the case, the I.T.A.T. was right in law in holding that the CIT was not justified in cancelling the order passed by the A.O. by invoking the provisions of ....

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....e record. 4. The relevant observations of the Tribunal are as follows:- "...Neither the AO nor the CIT has doubted the sales of the assessee and there can be no sales if there are no corresponding purchases. The Hon'ble Punjab and Haryana High Court in the case of CIT v. Brij Mohan Singh & Co. 209 ITR 753 has held that section 40A (3) of the Act must not be read in isolation or to the exclus....