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2013 (12) TMI 469 - AT - Income TaxUnexplained trade creditors u/s 68 – The assessee has shown total trade creditors of Rs.56,86,924/- out of which the confirmation letters were received only from the trade creditors of Rs.9,70,524 - Held that:- The notices sent to 20 trade creditors having an amount of Rs. 22,02,349/- were returned by the postal authorities with the remark "no such firm / addresses" - Other trade creditors having amount of Rs. 15,53,815/- to whom notices were served but failed to file any confirmation letters – In respect of other trade creditors either the addresses were not furnished or have denied any business relationship with the assessee - The assessee has not filed any fresh list with complete and correct addresses of trade creditors which the assessee has alleged to be genuine creditors - No effort was made to summon trade creditors to the tune of Rs.15,53,815/- to whom notices were served but have not replied – The issue was remitted back to Assessing Officer only for limited purpose of verification again from the trade creditors who have been earlier served but failed to file any confirmation letters.
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