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2014 (1) TMI 1139 - ITAT KOLKATASupressed purchases – Held that:- The ld. AO has issued notice u/s 133(6) of the IT Act to M/s. Hadia Steel Limited - A perusal of the information as provided by the seller when compared to the ledger account maintained by the assessee clearly show that all the purchases made by the assessee from the said party is a continuous account - The purchase account of the assessee also clearly shows that the purchases from the said party are duly reflected in the ledger - The ld. CIT(A) has verified the reconciliation of the figures and no defect has been found. Cessation of liability – Held that:- The assessee is the creditor in respect of M/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.
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