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TMI Blog2022 (9) TMI 1269X X X X Extracts X X X X X X X X Extracts X X X X ..... ands disposed of. CM APPL. 40146/2022 Exemption allowed, subject to all just exceptions. Accordingly, present application stands disposed of. ITA 325/2022 1. The present Income Tax Appeal has been filed seeking a direction for setting aside the order dated 30th July, 2019, passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 1258/Del/2016 for the Assessment Year ('AY') 2012-13. 2. Learned Senior Standing Counsel for the Appellant-Revenue, states that the ITAT erred in upholding Commissioner of Income Tax (Appeals)'s ['CIT(A)'] order dated 29th December, 2015, deleting the addition of Rs. 17,20,728/- made by the Assessing Officer ('AO'), on account of business loss of futures and options claimed by the Assessee, which was no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me for taxation. He stated that in view of the voluntary admission of the Assessee no further enquiry was required to be conducted by the AO with respect to the aforesaid amount. 5. We have heard the learned Senior Standing Counsel for Revenue and perused the paper book. It would be relevant to note at the outset that the AO had disallowed a sum of Rs. 4,83,89,009/- on account of bogus expenses after taking into account the amount of sundry creditors recorded in the accounts under the head of sundry creditors. The Assessee filed a rectification application under Section 154 of the Act highlighting that the said figure is erroneous and the correct figure is Rs. 4,33,89,009/-. It was stated that the same was a typographical error. The AO fai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of confirmation from the sundry creditors after concluding that the said figure correspond to the value of bogus purchases. The CIT(A) sought the bank statement of the Assessee, which evidenced payments made through account payee cheques to most of the creditors in subsequent years. The CIT(A) noted that the outstanding sundry creditors pertain to Assessee's project J-174, (Saket), New Delhi, in respect whereof there were legal disputes pending with the owner of the property. The CIT(A), therefore, after perusing the record and after satisfying itself with respect to the genuineness of the sundry creditors and noting the fact that the said sundry creditors had been paid through bank transactions, except the sundry creditors for the Saket ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot warranted if it involves re-appreciating of evidence. 8. The learned counsel has not been able to point out any perversity in the finding of facts. We therefore, find no infirmity in the orders of the appellate authorities deleting the addition made on account of bogus expenses corresponding to the sundry creditors. 9. With respect to the disallowance on account of static creditors, the CIT(A) observed that the AO had failed to take into account the submissions filed by the Assessee retracting its earlier surrender and filing before the AO documents to show that the said creditors were not static and had been cleared/squared up/adjusted or written off in the subsequent period. The CIT(A) noted that the documents filed show that credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing, this Court in the case of Jai Parabolic (Supra), at Para 9 has framed the following question of law for determination i.e., "Whether the Tribunal was right in law in allowing relief of Rs. 15,58,500 in the assessment year under consideration when no such claim was made by the Assessee in the return of income", thereafter, at paragraph 13 a reference was made to the decision of the Supreme Court in the case of National Thermal Power Co. Ltd. v. CIT, [1998] 229 ITR 383, wherein the Court has held that, the tribunal dealing with appeals has wide powers and the purpose of the assessment proceedings is to assess the correct tax liability of an Assessee in accordance with law. The tribunal should not be prevented from considering questions o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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