TMI Blog2018 (11) TMI 1059X X X X Extracts X X X X X X X X Extracts X X X X ..... the proceedings before the first appellate authority was rejected, observing that transactions were examined in the next year and were ascertained and found to be genuine and with known parties. Thus, failure to seek remand report of the assessing officer, who had in the next year examined the same issue and had on verification accepted genuineness of the expenditure, would not warrant interference. Revenue has not filed copy of the AO for the Assessment Year 2011-12. Papers or documents which were filed before the CIT (Appeals) or the Tribunal have also not been filed. In the absence of said papers/documents and in view of the factual findings recorded by the CIT (Appeals) and also noticing the short order passed by the assessing office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the Assessment Year 2011-12 would not justify deletion of addition in this year. The two years were separate and independent. 4. The Assessing Officer while making the addition had passed a short and cryptic order, which reads;- 8. The assessee has shown trade creditors of ₹ 3,07,43,243/- and ₹ 9,69,151/- respectively in the case of M/s Daily Foods and M/s Surya Trading Company respectively. The assessee was asked to provide confirmations of trade creditors. In response, the assessee vide letter dated 06.03.2013 submitted that despite best efforts, the assessee has not been able to obtain confirmations from the trade creditors and expenses payable . In the absence of confirmation of trade creditors of ₹ 3,07,43 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment proceedings for AY 2011-12. In compliance with your directions, the assessee is filing herewith copy of questionnaire dated 06.11.2013 issued by the AO and copy of assessee's reply 28.11.2013 and 20.12.2013, whereby the assessee filed copy of ledger account and confirmation of the sundry creditors for AY 2011-12. It is submitted that the opening balance as on 01.04.2010 and closing balance as on 31.03.2011 in the account of the following four parties has been accepted as genuine by the AO in AY 2011-12. ,(i) Abloo Dairy (ii) Bahadur Dairy (iii) Sagir Dairy and (iv) Ram Pal Dairy The contention of the assessee is that during the course of assessment proceedings for AY 2010-11, the assessee had filed cop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ti Metal (India) 9,29,760 8 Steam Radiators Corp. 3,29,160 9 Committted Cargo Care P. Ltd 35,573 10 Nova Home Appliances P. Ltd 3,04,179 11 Chetra Trading LLC 6,29,399 Total 3,10, 74,661 It is seen that the parties at S.No. 1 to 6 were those parties with whom the appellant had continuous dealing for purchases and payments made to them have also been made in subsequent assessment year i.e. 20 11-12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count of unexplained trade creditors and expenses. 8. The findings of the Commissioner of Income Tax (Appeals) have been affirmed by the Tribunal inter alia recording that M/s Sagir Dairy, M/s Ram Pal Dairy, M/s Abloo Dairy, M/s Bahadur Dairy, M/s Matadin Plastic and M/s Shubi International, had continuous and regular dealings and transactions with the respondent-assessee. Business transactions had continued in the next Assessment Year 2011-12, when balance outstanding payments were made. The Commissioner of Income Tax (Appeals) had examined the evidence and material produced to establish and show identity, nature and genuineness of the expenditure. However, in respect of four parties, namely, Jyoti Metal (India), M/s Steam Radiators Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
