2004 (4) TMI 519

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..... -95 is directed against the order of the CIT(A). The revised grounds of appeal filed by the assessee are as under : "1.The learned Commissioner (Appeals)-XIX, Kolkata erred in confirming the action of the Assessing Officer in treating of the loans of Rs. 1 lakh received from two loan creditors as unexplained credit under section 68 of the I.T. Act in the hands of the appellant firm. 2.The lea .....

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..... . He further submitted that the decision of Hon ble Apex Court in CIT v. Orissa Corpn. (P.) Ltd. [1986] 159 ITR 78 clearly applies to the facts of the case of the assessee. The learned counsel argued that the Assessing Officer had sent summons at the old address, although the new address was furnished by the assessee before the Assessing Officer. The Ld. Departmental Representative has opposed .....

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..... shed to the Assessing Officer. The copies of the balance sheets of the creditors show the balance in the name of the assessee-firm and the figures therein tally with those of the account books of the assessee. We find that the Assessing Officer was informed about the new address of the creditors vide communication of the assessee in writing. In these circumstances, we hold that the assessee has .....

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