Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (6) TMI 663 - AT - Income TaxAddition made u/s 68 of the Act - Business of scrap dealer – Held that:- Confirmation of statement of A/c sent to Assessee was before AO as the same had been delivered on 21st November, 2011 and the Assessment Order was passed on 29/12/2011 - there is apparent contradiction in the findings recorded by AO and the documents on record - CIT(A) has taken note of confirmation but without considering the specific ground raised before him held that assessee had agreed for the addition - the confirmation filed by the party has not been considered by both the lower revenue authorities - Assessee had duly discharged its primary onus by furnishing the necessary confirmation along with details - all the transactions were through bank account and there were regular dealings with the party - The AO had not disputed the purchases from the party - when all the relevant details regarding creditor were furnished by Assessee, no addition was warranted - necessary verification of confirmation has not been done, thus, the matter is required to be remitted back to the AO for the purposes of examining the confirmation filed by the M/s Affain Steel Pvt. Ltd. and if no discrepancy is found there then no addition is called for – Decided in favour of Assessee.
|