9911796707
TMI Blog2023 (5) TMI 1173X X X X Extracts X X X X X X X X Extracts X X X X ..... ard-30(3), Kolkata dated 30.03.2016. 2. Grounds of appeal taken by the assessee reads as under: "1. That CIT(A) has grossly erred in confirming the cessation of liability of Rs. 16,55,085/- without appreciating the fact that such liability are not time barred and have been found to genuine in the course of scrutiny for earlier year. 2. That CIT(A) has failed to consider the order passed by jurisdictional ITAT in case of associate concern upon the same facts and circumstances wherein full relief was extended." 3. Brief facts of the case are that the assessee is a builder and promoter of real estate. Assessee filed its return of income on 30.09.2013 reporting total income at Rs. 11,76,740/-, along with Tax Audit Report. In the course of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ITAT, Kolkata in the case of ACIT vs. M/s. Shubham Constructions in ITA No. 1754/KOL/2016 order dated 26.04.2018 which is one of the group companies and operating in the similar line of business. In the said decision, according to the assessee, ld. AO had made addition on similar grounds as in the present case and relief was granted by the Coordinate Bench to the assessee. After considering the submissions made by the assessee, appeal of the assessee was dismissed. 6. Aggrieved, the assessee is now in appeal before this Tribunal. 7. Ld. Counsel for the assessee placed on record a paperbook containing 83 pages, index of which is reproduced for ease of reference: SI. No. Particulars Page Nos. 1. Financial Statements FY 2011-12 & T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... these balances of the two creditors and no such addition was made. 9. Per contra, ld. Sr. D/R placed reliance on the order of ld. CIT(A) and also asserted that the decision of the Coordinate Bench referred by the assessee in the case of M/s. Shubham Constructions (supra) is distinguishable on facts which has been discussed by ld. CIT(A) in his order. 10. We have heard the rival contentions and perused the material placed on record. Admittedly, this is not a case of doubtful expenditure. It is a case where on calling of information by ld. AO from the two creditors, there appears to be a difference in the balance confirmed by the creditors vis-à-vis reported by the assessee in its audited financial statements. Further, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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