When the entire matter is tested on factual matrix and by application of law, order of the Commissioner of Income Tax (Appeals) takes precedence over the impugned order of the Tribunal. There is nothing in the order of CIT(A) whic..
When the entire matter is tested on factual matrix and by application of law, order of the Commissioner of Income Tax (Appeals) takes precedence over the impugned order of the Tribunal. There is nothing in the order of CIT(A) which could be assailed on the fact based situation or on any principle of law. Impugned order of the Tribunal rather is not based on any sound parameters and runs contrary to the entries in the stock register and other books of accounts, veracity of which entries is not questioned by the revenue even a little. Consequently, there being merit in the appeal, all the substantial questions of law are answered in favour of the assessee to the extent discussed above. The appeal is accordingly allowed
Income Tax Act, 1961