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2013 (11) TMI 1674 - GUJARAT HIGH COURT

2013 (11) TMI 1674 - GUJARAT HIGH COURT - TMI - TAX APPEAL NO. 944 OF 2013 - Dated:- 19-11-2013 - M.R. SHAH AND R.P. DHOLARIA, JJ. Varun K. Patel for the Appellant. JUDGMENT M.R. Shah, J. - Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Tax Appellate Tribunal (hereinafter referred to as the "Tribunal") dated 5.04.2013 passed in ITA No.1698/AHD/2010 for AY 2009-10, the revenue has preferred present appeal with the following proposed .....

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ng a total income at ₹ 1,72,250/-. The said return was processed under Section 143(1) of the Income Tax Act, 1961 (hereinafter referred to as the "Act") and was selected for random scrutiny by issuing notice under Section 143(2) of the Act. A notice under Section 142(1) of the Act issued on 2.2.2011. Further notices under Section 142(1) of the Act were issued. That during the course of the assessment proceedings, Tax Audit Report was furnished in Form 3CD. During the course asses .....

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to the expenditure incurred on purchases. Therefore, to verify the genuineness of the outstanding creditors, the assessee was required to furnish details of the creditors with a comparative chart, comparing the creditors outstanding during the FY 2006-07, 2007-08 and 2008-09, it was found that several creditors were more than three years old. The assessee was required to furnish the ledger account for the FY 2008-09, 2009-10 and 2010-11 in the case of outstanding creditors having balance sheet .....

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address supplied by the assessee, notice under Section 133(6) of the Income Tax Act were issued to 11 creditors calling upon for ledger account confirmations. With respect to 14 creditors referred to para 5.7 of Assessment Order, it was found that an amount of ₹ 51,37,327/- were outstanding for three years. Therefore, while passing the assessment order, the Assessment Officer made two additions i.e. additions of ₹ 64,47,623/- under Section 41(1) of the Act by observing that the said .....

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ound made addition. 2.2. Feeling aggrieved and dissatisfied with assessment order passed by the Assessing Officer making the addition of aforesaid two amounts under Section 41(1) of the Act, the assessee preferred appeal before the learned CIT(A) and learned CIT(A) partly allowed the said appeal deleting the addition of ₹ 51,37,327/-, which was made by the AO solely on the ground that the said liability is of more than three years, however confirmed the additions of ₹ 64,47,623/-. 2. .....

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. It is to be noted that against the confirmation of addition of ₹ 64,47,623/- by the learned CIT(A), the assessee preferred appeal before the learned ITAT being ITA NO. 1426 of 2012 and learned ITAT has allowed the said appeal deleting the addition of ₹ 51,37,327/-, which is subject matter of Tax Appeal No. 943 of 2013 (with which we are not concerned in the present appeal). 2.4 Feeling aggrieved and dissatisfied with the judgment and order passed by the learned Tribunal in deleting .....

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than three years. Relying upon the decision of the Hon'ble Supreme Court in the case of Sugauli Sugar Works (P.) Ltd. (supra) and the decision of this Court in the case of Nitin Garg (supra), the learned CIT(A) has deleted the said addition of ₹ 51,37,327/- made under Section 41(1) of the Act and the same has been confirmed by the learned ITAT. In the case of Sugauli Sugar Works (P. Ltd. (supra) in para 15 the Hon'ble Supreme Court has observed as under: "14.As pointed out in .....

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