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2021 (7) TMI 679 - AT - Income TaxAddition u/s 68 - Unexplained cash credit - assessee could not submit the address/permanent account number of these parties - HELD THAT:- These parties are the trade creditors of the assessee.The assessee has failed to produce even the Ledger account of these parties before the CIT - A. If these are the trade creditors claimed by the assessee that in subsequent years the sales should have been accounted for in these accounts. If, the sales has been accounted for out of these sundry credits, then the addition u/s 68 of the act would result in to double addition. It is also but natural that assessee has provided services to the guesthouses of various companies as well as of Indian Navy which naturally could not have the permanent account number. Therefore, in the interest of justice we set-aside the whole issue back to the file of the learned assessing officer with a direction to the assessee to show by producing the Ledger account of the sundry creditors that in subsequent years the sales have been accounted for against the credits received from these parties. If, learned assessing officer finds that the assessee has already accounted for the sales out of the sundry credits, the resultant addition cannot be made in the hence of the assessee u/s 68. Therefore to that extent the learned assessing officer is directed to delete the addition. With this direction to the assessee, all the grounds of the appeal are restored back to the file of the learned assessing officer to decide the issue afresh.
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