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TMI Blog2021 (1) TMI 1065X X X X Extracts X X X X X X X X Extracts X X X X ..... . We have heard both the parties and perused all the relevant material available on record. During the hearing the Ld. AR submitted that application under Rule 27 filed by the assessee has to be withdrawn. Therefore, we are dismissing the application under Rule 27 as withdrawn by the assessee Miscellaneous Application filed by the assessee is allowed. - MA No. 263/Del/2020 In (I.T.A. No. 5675/DEL/2017 (A.Y 2011-12) - - - Dated:- 18-12-2020 - Sh. G. S. Pannu, Vice President And Ms Suchitra Kamble, Judicial Member For the Applicant : Sh. Ved Jain, Adv with Sh. Ashish Goyal, CA For the Respondent : Sh.Bhagwati Charan,Sr. DR ORDER PER SUCHITRA KAMBLE, JM This Miscellaneous Application is filed by the assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t company was transferred to M/s Abhinav Steel Pvt. Ltd. Accordingly, it was submitted by the appellant that the allegation of the AO that no confirmation from M/s Abhinav Steel Pvt. Ltd. was filed is factually incorrect as the copy of MOU filed before the AO fulfill the requirements of confirmation. Further, it is submitted by the appellant that a detailed disclosure regarding the said arrangement has also been made in the note to accounts of the audited financial statements of both the companies. The Ld. AR submitted that the facts mentioned in the order dated 23/10/2020 by the Tribunal is mistake apparent on record and the same should be deleted as there is no additional evidence submitted by the assessee nor any remand report was c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to M/s Abhinav Steel Pvt. Ltd. Thus, the observations of the Assessing Officer that no confirmation from M/s Abhinav Steel Pvt. Ltd. was filed is factually incorrect as the copy of MOU filed before the Assessing Officer fulfill the requirements of confirmation. There is a clear finding by the CIT(A) that in the balance sheet of the assessee company as on 31/3/2011 an amount of ₹ 18,85,46,088/- was shown as receivable from M/s Abhinav Steels Limited. The transfer of inventory of ₹ 6,09,43,809/- was duly recorded in its books of accounts and thus the same cannot be regarded as the stock sold outside the books of accounts. These documents were very well available before the Assessing Officer as well. In the financial statements of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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