2017 (10) TMI 871

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..... ignoring that the assessee had also effected sales to it through various transactions. Genuineness of such sales transactions has not been doubted by the AO - it is not convincing as to how an addition u/s 68 of the Act can be made for the amounts received from a customer to whom regular sales have been made during the year. It is, ergo, held that the addition was wrongly made and sustained. Addi .....

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..... nsactions, the assessee furnished copy of ledger account of these two parties to whom transactions in the nature of sales were made. The Assessing Officer observed that there was a closing credit balance of ₹ 5.03 lac in the account of M/s M.Y. Paper Products Pvt. Ltd. and there was a debit balance in the subsequent years. In order to verify the genuineness of the transactions, the Assessing .....

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..... resenting the amounts received by the assessee through cheques from this party aggregating to ₹ 27,50,000/-. During the year, the assessee made several sale transactions to this party which are more than ₹ 22.40 lac, thereby giving net closing balance of ₹ 5,02,925/-. The Assessing Officer made the addition by summing up all the receipts from this customer and ignoring that the a .....

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