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2020 (5) TMI 165 - AT - Income TaxAddition u/s 41 - unsecured loan taken from Standard Chartered Bank by treating the same as the liability, which was ceased to exist - HELD THAT:- On a query raised by the assessee, he, however, failed to explain as to how the said liability of ₹ 74,668/- as on 01.09.2009 was increased to ₹ 2,29,065/- as on 31.03.2015 as shown by the assessee in its balance-sheet. He has also failed to point out any communication received from M/s. Saha Finlease Pvt. Limited during the period of last more than 10 years to show that the loan liability in question sold by Standard Chartered Bank was ever claimed by M/s. Saha Finlease Pvt. Limited from the assessee. The assessee thus has failed to establish the existence of the said liability and having regard to all the facts of the case said liability can be treated as ceased to have existed. Therefore, find no justifiable reason to interfere with the impugned order of the ld. CIT(Appeals) on this issue confirming the addition made by the AO. Un-reconciled difference in the account of certain sundry creditors and debtors - HELD THAT:- Difference in the closing balance of M/s. Life Drug House Pvt. Limited and M/s. Indchemie Health Specialities Pvt. Limited was satisfactorily explained by the assessee and the said explanation was duly accepted by the AO after verification of the relevant record. Regarding the difference in closing balance of other two parties namely M/s. Goutam and M/s. Maa Padma Medical, the assessee, however, could not offer any satisfactory explanation as clearly stated by the AO in his remand report. Categorical findings recorded by the AO in his remand report, difference in the closing balance of the concerned parties was satisfactorily explained by the assessee and the CIT(Appeals) was not justified in confirming the addition made by the AO on this issue to that extent. Modify the impugned order of the CIT(Appeals) on this issue and restrict the addition made by the AO. Ground No. 2 of the assessee’s appeal is thus partly allowed.
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