2012 (9) TMI 655

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..... is exactly the same as on 31.3.2006 - These sundry creditors were owing to the trading activities with the assessee firm, carried out until the end of the preceding year – Held that:- Assessee furnished the ledger accounts of the respective parties for the assessment year 2008- 09 wherein these were paid off. the opening balances have been duly explained by the assessee. These are not in agreement with the finding in the impugned order that new credits were introduced during the year which resulted into sustenance of addition. Appeal decides in favour of assessee. Addition on account of Cash Credit u/s 68 – In spite of opportunity given by the AO, no such confirmations was filed by the assessee - Confirmation was filed before CIT(A) - H .....

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..... count especially when complete books of accounts and vouchers were produced before the Assessing Officer along with details of expenses debited to profit and loss account in the form of ledger account. On the other hand, the learned Senior DR strongly defended the orders of the lower authorities. 4. We have considered the rival submissions and perused the material available on record. The facts, in brief, are that the assessee, C F agent, claimed to have incurred expenses on behalf of the company, Win Medicare Private Limited (in short WML ) which were claimed to be reimbursed by it. As per the assessee, there are two components of these reimbursed amounts i.e. directly treated in the balance sheet as receivable and no claim of expenses .....

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..... also raised that the assessee firm furnished ledger account of the respective parties wherein these were paid off and were duly explained before the authorities. On the other hand, the learned Senior DR defended the addition by submitting that a correct finding of fact has been mentioned by the authorities below. 5.1 We have perused the record and considered the arguments advanced by the learned respective counsel. We have also perused pages 16 and 19 to 20 of the paper book mentioning the amount of Rs. 10,16,421/- (sundry creditors three parties on the balance sheet) and Rs.2,99,534/- (credit balance of debtors). We are satisfied with the explanation of the assessee that the 31 sundry creditors mentioned in schedule-C of the balance sh .....

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