Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (9) TMI 1275 - AT - Income TaxAddition of sundry creditors outstanding at the close of the A.Y under consideration - assessee vehemently stated that the creditors are outcome of the purchases made from them and the Assessing Officer has not drawn any adverse inference in so far as total purchases are concerned - HELD THAT:- Power of the CIT(A) are co terminus to that of the A.O and, therefore, he should have examined the transaction if he wanted to invoke the provisions of Section 68 of the Act. Failing which the action of the CIT (A) cannot be upheld. The contention of the DR that fresh opportunity should be given to the CIT (A) to examine the transaction does not have any force. As no merit in the addition made by the Assessing Officer and sustained by the ld.CIT(A). accordingly, direct the Assessing Officer to delete the impugned addition. - Decided in favour of assessee.
|