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2012 (10) TMI 565 - HC - Income TaxFreight Charges unpaid - Outstanding Liability - Dispute raised by AO was regarding the outstanding liabilities of Rs.34,14,910/- disclosed by the assessee in his balance sheet. Held that:- Outstanding liabilities disclosed by the respondent-assessee being fake has been drawn by AO basically on the basis of the statements of 21 truck owners examined by him. Cross examination of the truck owners who appeared for cross examination before AO are not found to be creditworthy by the appellate authorities. If the statement of these witnesses are excluded from the consideration , there is no material on record which could justify doubting of the entries by AO - Addition made by AO drawing inference that the outstanding liabilities of the respondent-assessee against the freight payable to the truck owners are not genuine, solely on the basis of statements of a few truck owners recorded as aforesaid, is absolutely unjustified - No Substantial question of law arises in this appeal - decided in favor of assessee.
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