TMI Blog2009 (7) TMI 1259X X X X Extracts X X X X X X X X Extracts X X X X ..... per cent as against 17 per cent given by the assessee and on that basis addition of ₹ 15,76,504 was made. (b)Addition of ₹ 11,58,598 was made against unexplained credit entries in the bank account. (c)Addition of ₹ 1,38,77,174 on the ground that the sum was on account of sundry creditors wrongly shown. 2. The assessee filed an appeal against this order of the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d no question of law arises. 3. So far as the addition for unexplained credit entries with Banks, the CIT(A) deleted the same as the same was duly assessed for another assessee. The only submission of the learned counsel for the appellant is that the assessee never disclosed that the earlier firm had been dissolved and new firm had been established and this fact, for the first time, was brought ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al question of law. On the contrary, we find from the reading of the impugned order of the ITAT that as per the assessee, the fact that assessee was newly constituted firm and the business of the firm as now carried on is different than the business carried on by the erstwhile firm, was specifically argued and this was not even rebutted by the representative of the revenue who appeared before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ined the findings of the CIT(A) that the amounts payable to the creditors have been acknowledged by the assessee in its books and the liability pertains to the amount payable by the erstwhile firm being now taken over by the assessee, and that various creditors were paid and were being paid off by the assessee. The ITAT therefore held that so long as there is no cessation of liability by writing b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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