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2021 (8) TMI 172 - AT - Income TaxAddition as sundry creditors - AR submitted that during the remand proceeding on demand of Assessing Officer, the assessee furnished complete address along with PAN details of sundry creditors - HELD THAT:- As during the remand proceedings the assessee has furnished complete address along with PAN details of Sundry Creditors. During the assessment proceedings as well as the confirmations u/s 133(6) was received directly from Sundry Creditors along with details of ITR of Sundry Creditors from the respective words of the Income Tax. Thus, the identity, creditworthiness was established and through the details filed before the Assessing Officer as well as CIT(A). The assessee has demonstrated the genuineness of the creditors. Therefore, the CIT(A) was not right in confirming the addition that of Sundry Creditors. Addition of advances from customers the remand report has not disputed the confirmations received from the creditors and the advances obtain was a genuine loan from the customers - HELD THAT:- Assessee has establish genuineness of all the transactions, identity of creditors and source of the funds received. Assessing Officer has totally ignored all these facts while filing the remand report on the contrary he has acknowledged that to establish genuineness, identity and creditworthiness. The assessee has filed the documents which are relevant to these three factors - CIT(A) has ignored the evidences and simply confirm the additions. Thus, the record shows that the assessee has establish genuineness of all the transactions, identity of the customers from whom the addition has been taken and also the source of funds received for obtaining these additions. Therefore, Ground No. 2 is allowed. Credit balance in current account of ICICI Bank - HELD THAT:- Bank has confirmed the said credit balance with the letter before the Authorities and the same is confirmed by the Assessing Officer in his remand report dated 18/7/2012. Thus, the credit balance in current account has been established by the assessee to the proper evidences. Gold Shortage - HELD THAT:- As assessee has given the details of the gold transactions and the same was clarified by the Directors of the assessee. It was not disputed by the Assessing Officer in his remand report dated 16/7/2012. Therefore, the finding given by the CIT(A) is contrary finding to that of the evidences brought on record by the assessee. Hence, Ground No. 4 is allowed
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