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TMI Blog2013 (7) TMI 1021X X X X Extracts X X X X X X X X Extracts X X X X ..... e AO amounting to ₹ 28.95,779 under the head sundry creditors. In the cross-objection, no specific ground has been raised by the assessee. However, it is noticed from Col. 8 of Form No. 36A, the prayer is to annul the assessment order, since notice under s. 143(2) of the Act was issued beyond the stipulated period. ITA No. 984/Bang/2012 (Revenue's appeal) 3. Brief facts in relation to the appeal are as follows. The assessee is an individual and she is a dealer in silk fabrics and also deriving rental-income. The return of income for the impugned assessment year was filed on 30-09-2008 declaring a total income of ₹ 95,420. The assessment was taken up for scrutiny by issuance of notice under s. 143(2) of the IT Act on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f its claim. It is quite apparent from the above that at least 50 per cent of its creditors for asst. yr. 2008-09 were brought forward from the earlier year, i.e. ₹ 13,89,152 whereas the appellant had furnished confirmatory letters from parties such as Shri K. Ranga Prasad, Shri Palla Rajashekar etc. However, the AO arbitrarily and without any application of mind proceeded to add back the entire sum of ₹ 28,95,779 pertaining to all the trade creditors without conducting any independent enquiries of his own from external sources to disprove the genuineness of the trade creditors and completely ignoring the confirmatory letters furnished by the appellant without any basic follow up of the corroborative evidence filed. 10.1 It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elevant material on record. It is admitted fact that all the credits are trade credits and none of the said credit of ₹ 28,95,770 are cash credits. During last year the trade creditors covering 26 items were to the tune of ₹ 13,89,152. In the current year the trade creditors swelled to ₹ 28,95,779 (51 items). In fact the sundry trade creditors now under consideration include carry forward trade creditors to the tune of ₹ 12,24,290. The assessee had produced ledger details of the trade creditors as well as confirmatory letters from five major trade creditors vide her letter dt. 25th Oct., 2010. The confirmation letters filed for current trade creditors amount to ₹ 12,16,474. The aggregate of last year's carr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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