TMI Blog2023 (9) TMI 469X X X X Extracts X X X X X X X X Extracts X X X X ..... tion to AO to verify these sundry creditors according to law. Therefore, we affirm the revision order passed by the PCIT and dismissed the appeal of assessee. - SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER For the Appellant by : Shri I. Dinesh, Advocate For the Respondent by : Shri S. Senthil Kumaran, CIT ORDER PER MAHAVIR SINGH, VP: This appeal by the assessee is arising out of the Revision order passed by the Principal Commissioner of Income Tax, Madurai-1, in Order No.ITBA/REV/F/REV5/2020-21/1031436763(1) dated 12.03.2021. The assessment was framed by the Income Tax Officer, Non-Corporate Ward-3(1), Madurai for the assessment year 2015-16 u/s. 143(3) of the Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing, all persons shall have a limitation period of 90 days from 01.03.2022. In the event the actual balance period of limitation remaining, with effect from 01.03.2022 is greater than 90 days, that longer period shall apply. The assessee contended that further the Hon ble Supreme Court has extended the limitation order up to 30.05.2022 and the delay in filing of any appeal action or anything would be done up to 30.05.2022 whereas in this case, the assessee filed appeal only on 02.06.2022 thereby practically there is a delay of 2 days only. When this was confronted to ld.CIT-DR, he could not controvert the above fact situation. Going by the reasons stated, we condone the delay and admit the appeal. 3. The only issue in this appeal is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y issued show-cause notice dated 10.02.2021 and assessee replied before the PCIT filing reconciliation of closing stock and also the sundry creditor as on 31.03.2015 at Rs. 2,28,92,649/-. The assessee filed the names details and stated that the entire family deposits are confirmed and filed copy of accounts as well as confirmation letters. As regards to the trade creditors, he filed copy of accounts and contra with PAN of these trade creditors. The assessee has also stated that there are salary advance, trade advance and TDS account which are also filed before PCIT. The PCIT accepted the claim of closing stock but as regards to sundry creditors noted that the assessee failed to file the details like name, PAN number, confirmation lette ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estionnaire was issued by the AO during the assessment proceedings on the issue of sundry creditors. When the Bench pointed out that in the assessment order nothing is discussed about the sundry creditors and even now the assessee has not filed the details of sundry creditors like name, address, PAN number, source of deposit, etc., to prove the genuineness, creditworthiness and identity of the parties. 7. On the other hand, the ld. CIT-DR supported the order of PCIT passed u/s. 263 of the Act revising the assessment. 8. We have heard rival contentions and gone through the facts and circumstances of the case. We noted that the AO has not made any enquiry regarding the cash credits as pointed out by the PCIT in his order. Admittedly, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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