TMI Blog2014 (1) TMI 1139X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. Haldia Steel Limited - It can never be said that Haldia Steel Ltd. has surrendered its claim against the assessee - The finding of ld. CIT(A) in holding that the provision of section 41(1) of the IT Act in respect of closing balance of assessee would not apply, is right. Disallowance of labour charges, loading and unloading expenses – Held that:- No defect in the books of account or accounts maintained by the assessee, in respect of the labour charges or loading or unloading charges have been pointed - The ld. CIT(A) was right in deleting the estimated addition made by the AO - Decided against Revenue. - ITA No. 1576/Kol/2012 - - - Dated:- 10-12-2013 - Sri R. C. Sharma, AM And Sri George Mathan, JM,JJ. For the Appellant: Apu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alance of Rs.15,45,045/- showing that no payments have been made by the assessee. It was the submission that there was also an opening balance shown by M/.s Haldia Steel Ltd. at Rs.6,50,007/-. It was the submission that the AO had made addition of Rs.3,05,395/- as undisclosed expenditure incurred towards out of book purchases and had also made an addition of Rs.7,450/- towards profit from out of book purchase. It was the submission that on appeal the ld. CIT(A)had deleted the addition holding that the accounts had been reconciled and if the purchases are enhanced there would be a consequent reduction in the appellant's GP leading to fall in the business income. It was the submission that order of the ld. CIT(A) was liable to be reversed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to ground no.1 and the transactions as shown by M/s. Haldia Steel Limited has been taken as true and correct by the AO. It was the submission that payments made by the assessee has not been taken into consideration. It was the submission that in regard to ground no.3 the accounts of the assessee have not been rejected and there was no liability to deduct TDS in respect of the payments made towards labour charges or loading and unloading charges. It was the submission that the order of ld. CIT(A) was liable to be sustained. 6. We have considered the rival submissions. A perusal of the assessment order shows that the ld. AO has issued notice u/s 133(6) of the IT Act to M/s.Hadia Steel Limited and M/s.Haldia Steel Ltd. has replied to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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