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TMI Blog2023 (11) TMI 943X X X X Extracts X X X X X X X X Extracts X X X X ..... 76 of 2021 has been filed under Section 260A of the Income Tax Act, 1961 against the order dated 24.05.2021 (Annexure A-III) passed by Income Tax Appellate Tribunal, Chandigarh (in short 'the Tribunal') in ITA No. 1291/CHD/2019 for the assessment year 2015-16. Similarly, ITA No. 174 of 2021 has been filed for the assessment year 2016- 17 against the order of even date passed by Income Tax Appellate Tribunal, Chandigarh. The Tribunal upheld the order of the Commissioner of Income Tax (Appeals)-1, Ludhiana dated 02.07.2019 (Annexure A-II) by noting that the Assessing Officer had made certain additions on account of disallowances made in respect of unsecured loans obtained from 8 parties and certain unverifiable purchases. The deletion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ongwith the bank statements etc., were furnished and the assessee had produced ledger account in the books of respective creditors and all the bank accounts of the assessee had been duly reflected in the books of the assessee. Therefore, the Appellate Authority having properly appreciated all the evidence had given the benefit and deleted the additions made by the Assessing Officer. The Tribunal recorded the following findings:- "6. The Ld. DR could not rebut the above averments made by the Ld. Counsel for the assessee. Even the Id. DR could not point out to any additional evidences accepted by the CIT(A) in contravention of the provisions of rule 46(A) of the Income Tax Rules 1962. 7. The powers of the CIT(A) are coterminous with that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stances of the case, the Hon'ble ITAT was right in confirming the order of the Commissioner of Income Tax(Appeals) by holding that complete documents were submitted during the assessment proceedings regarding genuineness of unsecured loans and the purchases whereas the additional evidences submitted at the appellate stage were not provided to the Assessing Officer and the same were admitted by the Commissioner of Income Tax(Appeals) in violation of Rule 46A(3) of the Income Tax Rules, 1962. (iii) Whether on the facts and in the circumstances of the case, the Hon'ble (ITAT was right in upholding the decision of the Commissioner of Income Tax (Appeals) who admitted additional evidences of the assessee in violation of Rule 46A(3) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e have also gone through the order of the Appellate Authority wherein the Appellate Authority came to the conclusion that the Assessing Officer had taken the shorter route of considering the purchase creditors to be bogus merely on the basis of their non-response verification letters issued under the provisions of Section 133(6). Resultantly, he set aside the action of the Assessing Officer since there was already specific material adduced by the company and came to the conclusion that there is no rationale in accepting the purchases and the sale, but rejecting the outstandings of such purchases. In such circumstances, the addition of Rs.25,84,77,022/- was directed to be deleted. 9. A perusal of the order of the assessment would also go on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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