TMI Blog2014 (6) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... - 16-5-2014 - Shri B. Ramakotaiah And Shri Saktijit Dey,JJ. For the Petitioner : Shri P. Soma Sekhar Reddy For the Respondent : Shri Sunil Kumar Jain ORDER Per Saktijit Dey, JM: The department has filed the present appeal being aggrieved of the order dated 31/01/2012 passed by the Ld. CIT(A) deleting the addition of Rs. 74,78,445/- made on account of sundry creditors relating to the AY 2005-06. 2. Facts in brief are, the assessee is an individual. For the AY under consideration the assessee filed his return of income in regular course declaring income of Rs. 1,96,130/-. A search and seizure operation u/s 132 of the Act was carried out in case of assessee and related group cases on 29/01/2009. As a consequence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted confirmations of some of the creditors. On the basis of informations submitted by the assessee, CIT(A) called for a remand report from the Assessing Officer. The Assessing Officer after verifying details submitted his report stating therein that the closing balance standing in the names of M/s Sunder Synthetics Pvt. Ltd. amounting to Rs. 52,34,502/- and M/s Sunder Steels Ltd. of Rs. 12,34,164/- have been reflected in the respective books of account of these companies, hence, credit of the said amount is to be given to the assessee. However, so far as Rs. 9,04,243/- is concerned, the Assessing Officer stated that assessee has neither produced any evidence from the creditor M/s Krishna Agro Agency nor has furnished details of the credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer, while handing over the copy of the remand report to the appellant. In response to the same, the appellant has furnished a written submission stating that they were not able to produce the confirmation letter from the M/s Krishna Agro Agency and accordingly it was requested to confirm the addition. Based on the above findings and the submissions of the appellant, the addition of Rs. 9,04,243/- being the credit standing in the name of M/s Krishna Agro Agency, stands confirmed and the balance of the credits as indicated above, stand deleted. Therefore, this ground of appeal is treated as partly allowed. 6. We have heard the parties and perused the orders of the revenue authorities as well as other materials on record. As can ..... X X X X Extracts X X X X X X X X Extracts X X X X
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