2015 (11) TMI 1915

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.... SAINI, ACCOUNTANT MEMBER These are the appeals filed by the assessee against the consolidated order of Commissioner of Income Tax (Appeals), Dhanbad, dated 14/03/2013 for the assessment years 2004-05 & 2005-06. 2. The sole ground of appeal taken by the assessee in both these appeals is that the Commissioner of Income Tax (Appeals) erred in confirming the action of the Assessing Officer in t....

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....Rs. 80,77,154/- @ 23.15% in assessment year 2005-06. The Assessing Officer obtained addresses of persons to whom sales were shown and it was found that in assessment year 2004-05, two customers namely M/s. S.M. Enterprises, Dhanbad and M/s. Shyam Agro (P) Ltd, Hazipur stated that they did not have any transactions with the assessee in assessment year 2004-05. Similarly, in assessment year 2005-06,....

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....sources. 4. On appeal, Commissioner of Income Tax (Appeals) observed that the payments from the purported sales have been shown in cash in amounts not exceeding Rs. 20,000/- or the same have been shown by Demand Drafts which have been purchased bearing consecutive serial numbers of amounts less than Rs. 50,000/- which is the maximum permissible amount for issuing Demand Draft against cash. This....

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....005-06, the Assessing Officer observed in the assessment year 2004-05, the two parties to whom the assessee had shown sales of Rs. 11,04,165/- denied to have varied into any transactions with the assessee. In the assessment year 2005-06, the notices issued under section 133(6) of the Act to the two parties were returned back by the postal authorities. On show-caused, the assessee could not submit ....