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TMI Blog2016 (8) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income Tax Appellate Tribunal raising following question for our consideration: "Whether decision of ITAT in deleting the addition of Rs. 1,87,46,520/- on account of unverifiable and bogus liability by stating that the same can't be added u/s. 41(1) or Sec. 68 of the Income Tax Act, 1961, is not perverse particularly in view of the fact that AO disallowed this expenditure after he found it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd found that the assessee had maintained sufficient primary and secondary records like LRs, registers, vouchers etc. containing number of trucks, date, party to whom material was supplied and such similar details. The LR registers were maintained on day-to-day basis. This method was regularly followed by the assessee and accepted by the department in earlier years. The Assessing Officer was not j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he found them it to be duly stamped and acknowledged by the buyers of the materials transported by the Assessee and vouchers were maintained in respect of payment to respective truck owners. He has further given a finding that the addition could not have been made either u/s. 68 or Section 41(1) of the Act as the provisions of the Act as the provisions of those sections were not applicable to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he previous year relevant to the assessment year 2007-08 which was the year under consideration. It is undoubtedly a curious case. Even the liability itself seems under serious doubt. The Assessing Officer undertook the exercise to verify the records of the so called creditors. Many of them were not found at all in the given address. Some of them stated that they had no dealing with the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed, the Tribunal not having made any error, this Tax Appeal is dismissed." 4. It can thus be seen that the entire issue is based on appreciation of evidence on record. CIT (Appeals) as well as the Tribunal both concurrently found that the assessee had produced sufficient material to establish the claim. The Assessing Officer had raised demands which were not possible to meet with. 5. No question ..... X X X X Extracts X X X X X X X X Extracts X X X X
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