Case Law Details
Assessee in his return submission dated 6.11.2009 had explained that the purchase of 2 JCB machines were made from Yantraman Automac Pvt.Ltd., Baroda and both these purchases were on hypothecation with Centurion Bank of Punjab. The purchase bills also reflected hypothecation with the Bank. The company was established from 1998 and the Centurion Bank of Punjab eventually merged with HDFC Bank. The Tribunal also noted that the books of accounts were audited under section 44AB and the Tax Audit Report under the said provision had been duly furnished before the Assessing Officer, which was also evident from the assessment order. Thus, having noted the audited books of accounts in accordance with the provision of law being section 44AB and the availability of the funds in the balance-sheet filed on 31.3.2007, the Tribunal noted that the Tax Auditor did not point out any discrepancy in the entire report. Not only the purchase bills filed by the assessee reflected such hypothecation with the Bank but the repayment schedule also was furnished before the Assessing Officer. Hence, the Tribunal was of the opinion that in the event of any doubt, the Assessing Officer could have verified further those details and accordingly, it had deleted such amount.
We are in complete agreement with the order of the Tribunal. In fact, the entire question is in the realm of facts and there is nothing to point out any perversity in the conclusion arrived at by the Tribunal. Not only there was an audited account in accordance with the provisions of section 44AB but substantive document with regard to the hypothecation with the Centurion Bank, which eventually merged with the HDFC Bank were adduced and the Revenue not having doubted the genuineness of any of these documents, there was no justification of either the Assessing Officer or CIT(Appeals) having doubted the transactions. The Tribunal’s decision gives no rise to the substantive question of law.
HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL NO. 750 of 2013
COMMISSIONER OF INCOME TAX
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