TMI Blog2017 (10) TMI 871X X X X Extracts X X X X X X X X Extracts X X X X ..... s of such sales transactions has not been doubted by the AO - it is not convincing as to how an addition u/s 68 of the Act can be made for the amounts received from a customer to whom regular sales have been made during the year. It is, ergo, held that the addition was wrongly made and sustained. Addition deleted - appeal allowed. - ITA No.2553/Del/2017 - - - Dated:- 17-10-2017 - SHRI R.S. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... furnished copy of ledger account of these two parties to whom transactions in the nature of sales were made. The Assessing Officer observed that there was a closing credit balance of ₹ 5.03 lac in the account of M/s M.Y. Paper Products Pvt. Ltd. and there was a debit balance in the subsequent years. In order to verify the genuineness of the transactions, the Assessing Officer issued notices ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received by the assessee through cheques from this party aggregating to ₹ 27,50,000/-. During the year, the assessee made several sale transactions to this party which are more than ₹ 22.40 lac, thereby giving net closing balance of ₹ 5,02,925/-. The Assessing Officer made the addition by summing up all the receipts from this customer and ignoring that the assessee had also effec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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