9911796707
TMI Blog2020 (1) TMI 652X X X X Extracts X X X X X X X X Extracts X X X X ..... finding in favour of the respondent herein are as under: - For a query from the bench the Ld.AR submitted that the sales were accepted by the AO in the subsequent year and there was no addition or relief was given to the extent of the sales made to the trade creditor. The receipt of advances from customers is a starting point and conclusion of transaction is the relevant sales. Therefore, receipt of advances required to be examined along with sales made by the assesse with stock register. Advances from customers, purchases, stock register and sales account are required to be examined together to verify the genuineness of the advances. No transaction can be isolated since all the transactions are interlinked and depending on each other. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... storage project and trading in agricultural commodities. It filed its return of income for the assessment year 2011-12, on 30.09.2011, admitting total loss at ₹ 3,34,690/-. Assessment under Section 143(3) was completed, on 14.3.2014, assessing the total income at nil after making certain additions/disallowances. The income so assessed was set off against brought forward losses of earlier years. The assesse filed an appeal before the CIT(A) questioning the disallowance made under Section 40(a)(ia) of the Income Tax Act, 1961, (for short, the Act ) and the disallowance of unproved trade sundry creditors. The CIT(A) partly allowed the appeal, rejecting the ground in respect of sundry creditors, while deleting the addition under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oes in the subsequent financial year and deleting the addition of ₹ 38,50,000/- which was already upheld by the CIT(A) towards such unproved sundry creditor, when the assesse failed to discharge its responsibility to prove the genuineness of the transaction and also the identity and creditworthiness of the sundry creditor? In support of the submission that the above substantial questions of law are involved, it is further contended that the Tribunal grossly erred in directing deletion of the addition in respect of sundry creditors, when the assesse failed to prove the genuineness of the transaction and the identity and creditworthiness of the sundry creditor. It is also pointed out that in the absence of even confirmation l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vour of the respondent herein are as under: - For a query from the bench the Ld.AR submitted that the sales were accepted by the AO in the subsequent year and there was no addition or relief was given to the extent of the sales made to the trade creditor. The receipt of advances from customers is a starting point and conclusion of transaction is the relevant sales. Therefore, receipt of advances required to be examined along with sales made by the assesse with stock register. Advances from customers, purchases, stock register and sales account are required to be examined together to verify the genuineness of the advances. No transaction can be isolated since all the transactions are interlinked and depending on each other. The AO ..... X X X X Extracts X X X X X X X X Extracts X X X X
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