Dismissing the appeal the Court held that ; The contention of the assessee that the parties were identifiable and the transactions were genuine could not be accepted, as the contention was being raised for the first time in this appeal, which even otherwise was contrary to the material on record. The findings of the authorities were findings of fact and the court as a general rule would not interfere except in cases where the authorities had ignored the material evidence or had acted on no evidence, or drawn wrong inference from proved facts by applying the law erroneously. The assessee had not been able to show that its case fell in any of these categories. The disallowance was justified.( AY.2006-07)