2008 (8) TMI 356

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....he grounds made in the petition for condonation of delay. Hence, the delay is condoned. Accordingly, this application, being C A. No. 867 of 2008. 2. It appears that the Tribunal has specifically held as follows : "We have heard and considered the rival submissions. We find that in the immediately preceding year, in the assessee's own case, there is an order of this Tribunal accepting the fa....

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....us, the Assessing Officer admits that the small suppliers of hides and skins do carry out processing after obtaining the goods from original skin peelers. The Commissioner of Income-tax (Appeals) also in his order at paragraph 2.2 describes that processing is done by these suppliers. Thus, the fact that processing is done is not disputed by the authorities below. The view that processing in this c....

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....uncalled for and, hence, deleted. The first ground of appeal thus succeeds.' 7.1 On the same reasoning in this year also the status of the same supplies cannot suddenly change and they, in our considered opinion, remain producers of hides and skins in this year also. The reasoning of the Commissioner of Income-tax (Appeals) that products of hides and skins cannot be regarded as products of anim....

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....cond contention of the assessee that owing to business expediency, obligation and exigency, the assessee had to make cash payment for purchase of goods so essential for carrying on of its business, was also not disputed by the Assessing Officer. The genuinity of the transactions, rate of gross profit or the fact that the bona fides of the assessee that payments are made to producers of hides and s....