Itxa/1267/2012 Of The Commissioner Of Income Tax-6 v. M/S Ashapura Garments Pvt.ltd

*1* IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1267 OF 2012 The Commissioner of Income Tax 6-Versus-M/s. Ashapura Garments (P)Ltd. ..Appellant ..Respondent ........... Mr. Suresh Kumar for the Appellant.Ms. Beena A. Pillai for the Respondent. ........... CORAM: S.C. DHARMADHIKARIAND A. A. SAYED, JJ. DATE :- 30[th] OCTOBER, 2014 P.C.: We have heard Mr. Suresh Kumar, learned counsel, appearing on behalf of the Revenue, in support of this Appeal, which challenges the order passed by the Income Tax Appellate Tribunal, Bench at Mumbai, dated 4[th] May, 2012. The conclusion in the Assessee's Appeal being IT(SS)No.41/Mum/2008 has been challenged. Mr. Suresh Kumar submits that the substantial questions of law have been formulated in this memo of Appeal at page 4 and 5. They arise for determination because of an erroneous understanding of the transaction by the Tribunal. The Tribunal has without any justification interfered with the concurrent findings which were recorded by the Assessing Officer and the Commissioner of Income Tax (Appeals). The Commissioner's findings are recorded after calling for a remand report. In such circumstances and when the transaction was of a sale of garments and which has been suppressed that the Tribunal's order raises a substantial question of law. 2]Upon perusal of the order passed by the Tribunal carefully, we are of the opinion that the attempt of the Revenue is to seek re-appreciation and re-appraisal of the factual materials. That is not permissible in our limited jurisdiction. The Tribunal has concluded that the two entities and one of which appeared and forwarded also an affidavit, decided to accommodate themselves. That is on the footing that there were past transactions of sale and purchase and out of which some amounts are due and payable to the Assessee. The amounts were paid and in pursuance of bills which were styled as accommodation bills. These bills were later on discounted with the bank and a letter of credit was obtained. However, the relevant records in the form of books of accounts recording the transactions earlier entered into, the amount due and payable thereunder and the bank statements were produced on record. Based on that, the Tribunal concluded that the Department's or Revenue's contention that this was a sale or a substantive transaction unconnected with the past, cannot be accepted. We cannot in the garb of entertaining this Appeal, re-appreciate and re-appraise such factual findings particularly when they are not perverse. 3]In the above circumstances, the Appeal does not raise any substantial questions of law. It is, accordingly, dismissed. No orders as to cost (A. A. SAYED, J.) (S.C. DHARMADHIKARI, J.) wadhwa