2015 (10) TMI 2758

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..... appeal of the revenue. In respect of five creditors which were held to be non-genuine, we hold that certain more facts need to be brought on record to decide the issue, therefore, after hearing both the sides, we restore this issue to the file of the AO to decide de novo. The assessee shall provide correct addresses of these five creditors and the AO will verify whether these concerns are showi .....

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..... s are maintained and audited. During the assessment proceedings the Assessing Officer inquired about the sundry creditors and asked the assessee about the amount outstanding for more than three years. There were 21 such three year old creditors and the total amount outstanding was ₹ 34,22,380/-. The Assessing Officer added the same to the income of the assessee. The learned CIT(A) granted pa .....

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..... ed in restricting the addition to ₹ 10,73,727/- in place of the total addition of ₹ 34,22,380/- made by A.O. on account of sundry creditors. 3. After hearing both the sides, we find that the learned CIT(A) has granted part relief to the assessee after considering the submissions and explanations made by the assessee. The revenue has failed to controvert the findings of the l .....

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