TMI Blog2012 (12) TMI 1085X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessing authority to examine and opportunity is available before the assessing authority to produce the creditor and if unable to give the exact address, it will be open for the assessing authority to add back the same as per law. We do not find any substantial question of law arises in the facts & circumstances of the case which may require any consideration. - D.B. IT APPEAL NO. 578 OF 2011 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editor in the books of account of the appellant-firm. After the case of the appellant was selected for scrutiny during the assessment proceedings and on perusal of balance sheet it was observed that ₹ 41,01,012/- was shown as sundry creditors, for goods supply and out of the total sundry creditors, ₹ 34,91,181/- stood in the name of M/s Tirupati Steels but the assessee firm was asked t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax Appellate Tribunal and it was observed that there has been a credit on account of three bills in April 2003 and the outstanding balance of ₹ 34,91,181/- on 13.04.2003 and no payment has been made till the end of the accounting period relevant to the assessment year under consideration. It was further observed that liability at the end of the year if not proved can be added and it was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the given case, a substantial question of law arises for consideration regarding the effect of Section 41(1) of the Income Tax Act resulting into remission or cessation of the trade liability standing in the books of accounts. 4. In our opinion, it is based on factual matrix of the matter and the liability in the end of the year if not proved can certainly be added u/s 41(1) of the Act but it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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