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TMI Blog2014 (4) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... ual position - the reluctance of KLCI in providing information is obvious - What type of disputes were there is neither looked into nor emerge from the record - the books of both proprietary concerns of the assessee are to be considered and reconciliation of accounts is to be carried out - both the creditors are genuine parties having business transactions with the assessee – thus, the matter is remitted back to the AO for fresh adjudication – Decided in favour of Revenue. - ITA No. 3855/Del/2012 - - - Dated:- 4-3-2014 - Shri R. P. Tolani And Shri Shamim Yahya,JJ. For the Appellant : Ms. Y. Kakkar Sr. DR For the Respondent : Shri Rakesh Nanda CA ORDER Per R. P. Tolani, J. M: This is revenue s appeal against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore us. 3. Ld. DR relied on the order of assessing officer and contends that assessee had huge balances of creditors; their details were called by A.O. The assessee, vide written submissions dated 19-10-2010, furnished a list of sundry creditors along with their confirmation. 3.1. In respect of KLCI the assessee remarked that the matter was under litigation and party was not responding. In response to notices u/s 133(6) KLCI furnished copies of ledger accounts of M/s Greentex Mining Co. for F.Y. 2006-07 2007-08; and copy of ledger a/c of M/s Greentex Mining Mineral Co. for F.Y. 2007-08 shows that there was nil balance in respect of M/s Greentex Mining Co. for F.Y. 2007-08. Similarly, TFL responded that it did not have any accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panth Foods Ltd., no transactions took place between the assessee such parties during the previous year 2007-08 relevant to assessment year 2008-09 and it as the opening balance in the accounts of above parties appearing in the books of assessee which were being carried forward as closing balance as on 31st March 2008. The statement of accounts of above creditors appearing in the books of assessee is available in the paper book on record. In absence of any expenditure being incurred by the assessee during the relevant previous year 2007-08 through the above two parties, I hold that no addition can be made as unexplained expenditure u/s 68 in respect of opening balance standing in the names of above two parties. I, therefore, delete the ad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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