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TMI Blog2018 (3) TMI 1305X X X X Extracts X X X X X X X X Extracts X X X X ..... of the expenditure is required to be verified from the books of account. Therefore, we are of the considered opinion that the entire assessment should be remitted back to the file of the Assessing Officer to re-do the assessment de novo. - Decided in favour of assessee for statistical purposes. X X X X Extracts X X X X X X X X Extracts X X X X ..... st of sundry creditors without addresses and confirmation letters. A certificate from the Agricultural Market Committee regarding the purchases sales made in the FY 2011-12 was also submitted. Before the A.O. assessee submitted a letter stating that the financial statements submitted along with the return of income was correct and requested to ignore the revised balance sheet and Profit and Loss Account further before the Ld. CIT(A)-3, Hyderabad. However, assessee did not furnish quantitative details, balance amount due, the detailed addresses of the creditors and the relevant confirmations to establish the genuineness of the outstanding credits and the books were also not produced before the Assessing Officer. Hence, Assessing Officer requ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ported by agricultural Market Committee, Miryalguda covered under Rule 6DD [e(1) of IT Rules, 1962, simply by saying no qualification of the balance due to be paid to the farmers at the end of FY which was subsequently paid after the receipt of sale proceeds from Civil Supplies Department (Govt of AP) and Food Corporation of India. 4. For these and other reasons that may be urged at the time of hearing the appellant prays the Hon'ble Tribunal to kindly delete the additions sustained by the Ld. CIT(A)." 6. All the above grounds of appeal are related to addition of ₹ 2,94,83,890/-. During the appeal hearing, the Learned Counsel for the Assessee submitted that the assessee is engaged in the business of milling ang selling of rice and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the genuineness of the outstanding under trade creditors could not be verified with the relevant books of account due to the failure of -furnishing of confirmation letters, books of accounts etc. Further, though the Ld. CIT(A) has given a copy of the remand report requesting the assessee to submit the comments, the assessee did not submit any comments to the Ld. CIT(A). In the absence of production of books of account, the Assessing Officer could not verify the genuineness of the expenditure debited to the Profit and Loss Account also under various heads. Though Agricultural Market Committee vide its certificate dated 08.11.2013 certified the purchases and sales, the genuineness of the outstanding creditors required to be verified from t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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