TMI Blog2017 (1) TMI 1432X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore the debt was not time barred. We find that in assessment year 2012-13, the entire creditors were got adjusted as on 31.3.2012. As per paper book page 11, none of the creditors remained outstanding. This fact is verifiable from the order of assessment for assessment year 2012-13 where the Assessing Officer had discussed the writing off creditors against certain debit balances. Such fact has been discussed by Assessing Officer at para 3.1 onwards wherein the Assessing Officer had disallowed the amount relating to debit balances against the credit balances and in fact by this action, the Assessing Officer had taxed the sundry creditors indirectly. - Decided against revenue - ITA No.2161/Del/2013 - - - Dated:- 11-1-2017 - SHRI I. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was invited to para 12 to 16 of the said order wherein Hon ble Tribunal had discussed the addition and had upheld the action of learned CIT (A) in deleting the same. Without prejudice the learned AR submitted that addition under Section 41(1) was not justified as adjustments were pending in respect of these creditors and which were adjusted in assessment year 2012-13 and in this respect filed order of assessment dated 12.3.2015 for assessment year 2012-13 wherein the assessee itself had written back all the creditors which remained outstanding. Our attention was also invited to paper book page 11 where the amount of creditors for which the addition was made the outstanding amount as on 31.3.2012 was nil. 4. We have heard the rival partie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditors were got adjusted as on 31.3.2012. As per paper book page 11, none of the creditors remained outstanding. This fact is verifiable from the order of assessment for assessment year 2012-13 where the Assessing Officer had discussed the writing off creditors against certain debit balances. Such fact has been discussed by Assessing Officer at para 3.1 onwards wherein the Assessing Officer had disallowed the amount relating to debit balances against the credit balances and in fact by this action, the Assessing Officer had taxed the sundry creditors indirectly. 8. In view of these facts and circumstances, we do not find any infirmity in the order of learned CIT (A) therefore, the appeal filed by Revenue is dismissed. Order pronounce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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