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ACIT, Circle-1, Meerut Versus Modern Chemicals, Meerut

2016 (9) TMI 1142 - ITAT DELHI

Unexplained sundry creditors - Held that:- The documents available on record relied upon before the AO the CIT(A) have been taken into consideration. We find that in the absence of any argument assailing the same the finding of the CIT(A) that the addition deserves to be deleted cannot be faulted with. It is seen that the conclusion drawn that the sundry creditors had not directly confirmed to the AO was found to be incorrect. Further the non-receipt of a response to notice under section 133(6) .....

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eld that:- Sri Vinod Maheshwari and Mrs. Urvashi Maheshwari at the relevant point of time aged 40 and 38 are stated to have 20 years and 12 years experience in dealing in petroleum products and their qualifications were B.Com. and B.A. respectively. The services rendered have been explained that they booked orders of petroleum products for Modern Chemicals effecting sales to the tune of ₹ 52,69,216/- and ₹ 36,76,469/- by Mr. Vinod Kumar Maheshwari and Smt. Urvashi Maheshwari respecti .....

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y the Revenue assailing the correctness of the order dated 02.07.2012 of CIT(A), Meerut pertaining to 2009-10 assessment year on the following grounds:- 1. Whether in the facts and circumstances of the case, the Ld. Commissioner of Income Tax (Appeals) has erred in deleting the addition of ₹ 2,89,20,989/- towards unexplained sundry creditors without appreciating that the assessee had failed to discharge the onus cast upon it to prove the genuineness, creditworthiness and identity of the cr .....

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ound(s) of appeal. 4. In the facts and circumstances of the case, the order of the CIT (A) may be set aside and that of the A.O. restored. 2. The relevant facts of the case are that the assessee firm declared an income of ₹ 7,86,510/- in the year under consideration in the status of firm. The said return was selected for scrutiny under CASS after issuance of notice under section 143(2)/142(1) etc. The Assessing Officer taking note of the fact that the firm which is engaged in the business .....

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med copies of accounts, he ignored the copies of accounts filed by the assessee for M/s Paswara Impex Ltd; Ms. Petrolube India and United Enterprises and proceeded to make the addition holding the purchases made from these 5 parties as not genuine. 3. The assessee in appeal before the First Appellate Authority submitted that the conclusion drawn were wrong as replies had been sent by M/s Paswara Impex Ltd. and M/s Petrolube India Ltd. directly to the AO and in support of the said argument follow .....

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o 15 to Page No 22 for your honour's kind consideration. ii. Petrolube India Ltd. ₹ 1,49,20,989: Petrolube India Ltd. has vide Letter dated 7th December 2011 has confirmed directly to the Learned A.O. in response to Notice u/s 133(6) of the Income Tax Act, 1961 along with the Confirmation of Account; and copy of Acknowledgement of Income Tax Return for Asstt. Year 2009-10 - Copy again been placed at Page No, 23 to Page No. 25 for your honour's kind verification. 3.1. It was also su .....

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bmitted that there was an incompleteness in the address mentioned by the AO as Ajanta Transport, 1C, Heysham Road, Kolkata-700020 instead of Ajanta transport, 1 C, Heysham Road, Kolkata- 700029, Email Address: apsktrans@vsni.netCell No.09413209648; Contact Person:- S.Singh. 4. On the basis of these facts and arguments it was submitted that in fact confirmed statements from all the 5 parties including the sundry creditors had been provided to the Assessing Officer for verification which have been .....

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enue is in appeal before the Tribunal. 5. The Ld. Sr. DR submitted that the Revenue is aggrieved by the deletion of the additions qua the parties mentioned at serial No. 2 and 4. Reliance is placed upon the assessment order. 6. The Ld. AR relying upon the impugned order and the synopsis filed, submitted that the ICICI Bank at serial No. 2 is a bank and the details of the said outstandings had been filed before the AO as well as the CIT(A) and are available at page 31. Addressing the second party .....

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y of an email also and confronted to the AO. Even otherwise, it was his submission that there are no transactions in financial year 2008-09 and the opening balance in these account remains. The closing balance at the end of the year and the figure remains. The supporting documents available in the Paper Book filed it was submitted have not been assailed. 7. We have heard the rival submissions and perused the material available on record. The documents available on record relied upon before the A .....

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to an incomplete address. The same has been confirmed by the said party and the evidences have also been confirmed by way of an email. In the absence of any infirmity pointed out by the Revenue, the Departmental ground is dismissed. 8. The facts related to the next issue are that it was noticed that a commission of ₹ 2 Lacs was paid to Mrs. Urvashi Maheshwari and ₹ 3 Lacs to Sh. Vinod Maheshwari. The AO required the assessee to show their qualifications and to produce these persons .....

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relied upon the assessment order and submitted that the evidence of services having been performed have not been made available on account of which fact addition may be sustained. 11. The Ld.AR on the other hand relying upon the impugned order submitted that not only the qualifications of these 2 persons have been brought out on record as per the extract of the written submissions at pages 9 and 10 of the impugned order but even the evidence of services having been rendered have been filed and .....

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