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2015 (9) TMI 1407 - ITAT KOLKATA

2015 (9) TMI 1407 - ITAT KOLKATA - TMI - Addition on account of difference in the balance of one debtor, M/s. Sen & Associates - Held that:- As rightly contended by the ld. Counsel for the assessee, when the debit balance in the account of M/s. Sen & Associates was a result of sales made to the said party by the assessee and the entire sales made to the said party were duly accounted for by the assessee in its books of accounts, the difference in the balance arisen as a result of any payment mad .....

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nts or was available with the assessee. He accordingly held that the addition to the extent of ₹ 1 lakh was liable to be made under section 69A or 69C of the Act. In my opinion, this altogether new basis adopted by the ld. CIT(A) while sustaining the impugned addition, was not supported by any evidence and the same being based on mere surmises and conjectures is not tenable. Therefore, delete the addition made by the AO on this issue and sustained by the ld. CIT(A) - Decided in favour of a .....

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difference in the balance of one debtor, M/s. Sen & Associates. 2. The assessee, in the present case, is a partnership firm, which is engaged in the business of trading in plywood and laminates. The return of income for the year under consideration was filed by it on 28.09.2010 declaring total income of ₹ 1,38,643/-. During the course of assessment proceedings, it was noticed by the AO that the debit balance shown, as per the books of accounts of the assessee, in the name of one debto .....

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extent. 3. The addition of ₹ 1,36,815/- made by the AO was challenged by the assessee in the appeal filed before the ld. CIT(A). During the course of appellate proceedings before the ld. CIT(A), it was submitted by the assessee that the balance in the account of the concerned debtor, as per its books of accounts, was a result of sales made to the said party and since the entire sales made to the said party were already accounted for by the assessee, the difference added by the AO resulted .....

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s regards the balance difference of ₹ 1 lakh, he found that payments to that extent stated to be made by M/s. Sen & Associates to the assessee in cash in the month of March, 2010 were not reflected in the books of accounts of the assessee. According to him, the said amount received in cash might have been either spent by the assessee out of books of accounts or would have been available with the assessee. He held that the amount of ₹ 1 lakh, thus, was liable to be added to the to .....

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