9911796707
TMI Blog2016 (7) TMI 842X X X X Extracts X X X X X X X X Extracts X X X X ..... rgarh" meaning thereby the creditors are in existence. I also find that assessee has furnished all other evidences for substantiating its claim before the AO as well as before the Ld. CIT(A) like copy of confirmation alongwith the copies of PAN card of the creditors duly confirmed by them alongwith the other documentary evidence for substantiating the claim of the assessee which the Ld. CIT(A) has mentioned in the impugned order. Therefore, CIT(A) has passed a well reasoned order on the basis of the documentary evidences filed by the assessee and rightly deleted the additions in dispute, which does not require interference - Decided against revenue X X X X Extracts X X X X X X X X Extracts X X X X ..... . CIT(A) who vide impugned order dated 30.4.2014 has allowed the appeal of the assessee. 4. Against the order of the ld. CIT(A), Revenue is in appeal before the Tribunal. 5. During the hearing, Ld. DR relied upon the order passed by the AO and reiterated the contentions raised in the grounds of appeal by the Department and stated that Assessing Officer had issued notices u/s 133(6) of the Act to the sundry creditors for establishing their identity and creditworthiness which were received back unserved. He further stated that AO also directed the assessee to produce all the creditors, but the assessee failed to produce them before the AO to verify the genuineness of the transactions in dispute. In the absence of the sufficient evidence and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eld. 7. I have heard both the parties and perused the records, especially the order of the Ld. First Appellate Authority. After perusing the impugned order of the Ld. CIT(A), I find that Ld. CIT(A) has elaborately discussed the issues in dispute vide his impugned order dated 30.4.2014 vide para no. 5 to 6 at pages 4 to 6 and held as under:- "5. I have carefully considered the submission made by the AR of the appellant and assessment order. I have also verified the assessment records of the appellant. It is noted that the Assessing Officer had issued notices u/s 133(6) through speed post to the following creditors on 14.02.2013 requesting the creditors to furnish the copy of account of the appellant for the relevant assessment year, the PA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itors during the relevant assessment year through cheques against the purchases made from them. However, it seems that the Assessing Officer did not proceed further and without verifying the genuineness of these creditors and their accounts with the appellant, hastily completed the assessment uls 143(3) vide his order dated 11.3.2013 which was despatched for service through speed post on 25.03.2013. This is in clear violation of the principle of natural justice. It is further noted that these creditors are old creditors and during the relevant assessment year a few transactions of purchases were made by the appellant from these parties. In the case of Hari Enterprises, the outstanding balance of credit amount as on 01.04.2009 was ₹ 6, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... am of the considered opinion that the Assessing Officer has erred in treating the outstanding credit amount against the above mentioned three creditors as unexplained cash credit u/s. 68 of the Income Tax Act, and therefore, addition made on this account of ₹ 34,26,278/- is directed to be deleted. It is further noted that during the relevant assessment year the appellant has paid Insurance Premium to LlC on the following dates: 1. 30.04.2009 Policy No 115164188 ₹ 25,000 2. 11.08.2009 Policy No 114817723 ₹ 22,145 3. 11.08.2009 Policy No 112564002 Rs.6,030 4. 09.01.2010 Policy No 112564002 ₹ 6,304 5. 27.01.2010 Policy No 114817723 RS.45,301 Besides the appellant ha also paid premium against medi claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereby the creditors are in existence. I also find that assessee has furnished all other evidences for substantiating its claim before the AO as well as before the Ld. CIT(A) like copy of confirmation alongwith the copies of PAN card of the creditors duly confirmed by them alongwith the other documentary evidence for substantiating the claim of the assessee which the Ld. CIT(A) has mentioned in the impugned order. Therefore, in my considered opinion, CIT(A) has passed a well reasoned order on the basis of the documentary evidences filed by the assessee and rightly deleted the additions in dispute, which does not require interference on my part, hence, I uphold the order of the Ld. CIT(A) and dismiss the Appeal filed by the Revenue. 8. In t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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