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TMI Blog2015 (1) TMI 612X X X X Extracts X X X X X X X X Extracts X X X X ..... .(A).No.424 of 2014 - - - Dated:- 22-12-2014 - MR.R.SUDHAKAR AND MR.R.KARUPPIAH, JJ. For The Appellant : Mr.T.R.Senthilkumar Standing Counsel for Income Tax JUDGMENT (Delivered by R.SUDHAKAR, J.) This Tax Case (Appeal) is filed by the Revenue challenging the order of the Income Tax Appellate Tribunal for the assessment year 2009-10, raising the following substantial questions of law: (i)Whether under the facts and circumstances of the case, the Tribunal was right in confirming the order of the CIT(A) directing the assessing officer to delete the addition made towards unexplained cash credit to the extent of ₹ 41,38,474/-? (ii)Whether based on the material available before it, the Tribunal could have arrived at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of assessment proceedings, the Assessing Officer verified the balances of sundry creditors. The Assessing Officer issued letters to the parties as per the addresses mentioned in the confirmation letter. The confirmations were received from Sri.Karpaga Vinayaga Bottle Co., Salem, M/s.Vijay Krishnan Enterprises, Chennai and Supreme Bottle Suppliers, Coimbatore. Some of the parties did not respond to the letters issued by the Assessing Officer. The Assessing Officer asked the assessee to prove the genuineness of these credits by furnishing the bank statements to subsequent year reflecting the payments. The appellant submitted the bank statement of subsequent year and A.O. on verification stated in the order Though there are fund transfer fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of outstanding balance is ₹ 1,01,397/-. In this case also, the appellant paid the trade creditor on 26.6.2009 by RTGS transfer. The addition has to be deleted. (iv) Jayarahava Traders: The addition made in this case was ₹ 56,272. The appellant submitted that on 30.12.2009, an amount of ₹ 31,200/- was paid through banking channels. Similarly, the appellant submitted that an amount of ₹ 18,000/- was paid by cash on 5.1.2010 and 16.1.2010. However, in the ledger extracts, these cash deleted and the balance amount added is confirmed. v) Kubera Trading Service: The addition made was ₹ 11,42,776/-. The appellant submitted the details of bank account reflecting the RTGS transfer during the financial year 2009- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess of these transactions. Hence, the addition of ₹ 4,05,248/- is confirmed. xi) Supreme Bottles: In the case of Supreme Bottles, the addition made was ₹ 97,520/-. The appellant filed reconciliation statement along with account copies. xii) Varsha Bottle Suppliers: The AR submitted that the appellant is buying one type of bottle from Varsha Bottle Suppliers and selling them another type of bottles. These transactions were mutually netted off in the subsequent year. Copies of purchase and sales invoices were produced for verification. The addition of ₹ 6,09,856/- is to be deleted. 4. After considering the details of the trade creditors, the Tribunal confirmed the order of the Commissioner of Income Tax (Appeals). ..... X X X X Extracts X X X X X X X X Extracts X X X X
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