J U D G M E N T

MANMOHAN, J (Oral):

1. Present appeal has been filed challenging the order dated 26th August, 2020 passed by ITAT in ITA No. 6448/Del/2015 for the Assessment Year

2011-12.

2. Learned counsel for the Appellant states that ITAT has erred in upholding the decision passed by CIT(A), whereby it has deleted the addition made by the Assessing Officer amounting to Rs.7,17,95,500/- as ‘unexplained expenditure’ in complete disregard of the system of accounting and the applicable accounting standards.

3. Having perused the paper book, this Court finds that in the questions of law framed by appellant the emphasis is on the factum that the entities from whom the purchases had been shown to have been made by the respondent-assessee were bogus and non-existent, on the ground that such entities were not found existing during the search and post search proceeding.

4. However, both, CIT(A) as well as ITAT, have given concurrent findings of fact that purchases made by the respondent-assessee were genuine and the Assessing Officer had neither doubted the receipt of goods by the appellant nor the payment made for the same through banking channels. The relevant portion of the findings of CIT(A