9911796707
TMI Blog2020 (9) TMI 824X X X X Extracts X X X X X X X X Extracts X X X X ..... VI MALIMATH, ACJ. - The appellant is a manufacturer of electromagnetic equipment used for environmental testing of vibrations. It filed an income tax return on 30-11-2006 for the financial year 2005 - 06 along with audited balance sheet and statement of accounts. A notice was issued under section 143 (2) of the Income-tax Act, 1961. Thereafter, the appellant was directed to furnish certain detail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cond appeal under section 253 of the Income-tax Act, 1961 before the Income-tax Appellate Tribunal. The second appeal was also dismissed. Hence, the instant appeal. 2. The appeal was admitted on 20-3-2013 on the question - whether the appellant has discharged the obligation to satisfy the genuineness of the creditors in terms of section 68 of the Income-tax Act, 1961. 3. Shri P.R. Mullick, learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions has also been proved. 4. The same is disputed by learned counsel for the revenue. He submits that the appellant having failed to satisfy the authority with regard to the genuineness of the transactions cannot now contend to the contrary. 5. However, on considering the contentions, we are of the view that the assessing officer should have considered the material produced before him, which ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant as well as the material already placed before the assessing officer for consideration. 7. Hence, for all these reasons, the appeal is allowed. The order dated 28-9-2012 passed by the Income-tax Appellate Tribunal, New Delhi in ITA No. 2614/Del/2012 (AY 2006-07) is set aside. The matter is remanded back to the assessing officer to reconsider the matter afresh, in the light of the aforesa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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