The Commissioner Of Income Tax v. M/S.kashukha Trading & Services Pvt.ltd

bgp IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1068 OF 2009 The Commissioner of Income Tax Vs.M/s.Kashukha Trading & Services Pvt.Ltd. ..Appellant ..Respondent Ms.Suchitra Kamble for appellant. Mr.P.Pardiwalla, Senior Advocate i/b. Kanga & Co. for respondent. P.C. CORAM :- V.C.DAGA &J.P.DEVADHAR,JJ. DATE : 11TH AUGUST, 2009 Heard learned Counsel for the parties. 2.Following substantial question of law sought to be raised in the appeal : Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in holding that the assessee satisfied the genuineness of credit of Rs.8.92 crore introduced in the books of the assessee which were treated as unexplained cash credit u/s.68 by the Assessing Officer ? 3.Having heard both sides and having gone through the impugned order passed by the Tribunal, it is clear that the Assessing Officer has accepted the transaction of purchases and sale of goods and the assessee himself has offered the same for taxation and if these two things are accepted, it was not open for the Assessing Officer to doubt the transaction of sale of goods and he is not empowered to hold only part of the same transaction as non genuine, particularly when part of the transaction in the form of purchase and sales have been accepted by him as a genuine transaction. The view taken by the Tribunal is a reasonable and possible view. No substantial question of law is involved in the appeal warranting admission of the same. The appeal is, therefore, dismissed with no order as to costs. (J.P.DEVADHAR,J.) (V.C.DAGA,J.)