S.K.Katriar and Jyoti Saran JJ.

1. The assessee (the appellant herein) has preferred this appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act), and is directed against the order dated 17.12.2002, passed by the Income Tax Appellate Tribunal, Patna Bench, at Patna, in ITA No.27 Patna/2002, whereby the assessees appeal in terms of Section 246A of the Act has been rejected, and the orders of the learned Assessing Officer and the appellate authority have been upheld. This case is concluded by concurrent findings of fact and relates to assessment year 1998-99.

2. The assessee is engaged in the business of textiles products and is engaged in retail business at Dehri-On-Sone, District-Rohtas at Sasaram. It submitted its returns for the assessment year 1998-99, and decision was taken for detailed scrutiny of the same. Therefore, notice in terms of Section 143(2) was issued to the assessee. The learned Deputy Commissioner of Income Tax, being the Assessing Officer, recorded three transactions of purchase relevant in the present context. He found that the three payments made to Aditi Synthetics, Bhilwara (Rajasthan), by three different demand dra