9911796707
TMI Blog2021 (8) TMI 272X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer did not receive any confirmation, the Assessing Officer had taken stand that this particular entry of ₹ 3.45 lacs relates to unsecured loans whereas in respect of other similar transactions, the Assessing Officer believed those to be sale transactions and the receipt of advance amounts towards such sales. CIT(A), however, noted that copy of DVAT-31 was filed with the Sales Tax Department reflecting the names of the parties to whom sales were made during the quarter ended on 30.09.2011 during the F.Y. 2011-12, resulting in nil balance; and the copy of ledger account duly confirmed by M/s. Shiv Craft alongwith name, address and APN for the A.Y. 2009-10, 2010-11, 2011-12 and 2012-13 already submitted before the Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld have made the addition u/s. 68 of the Act instead of section 41 and keeping in view such directions, proceedings u/s. 147 were taken up and order u/s. 147/148/144 of the Act was passed on 19.12.2014 by making an addition of ₹ 3.45 lacs in respect of the sum received by assessee on 20.12.2008 by way of cheque from M/s. Shiv Craft, holding it to be unexplained credits in the books of account of assessee. 3. Aggrieved by the same, assessee preferred an appeal before the CIT(A) and argued that the party, M/s. Shiv Craft is a customer of assessee company to whom the assessee made sales worth ₹ 3.45 lacs during the Financial Year 2011-12 against the sale advance balance of ₹ 3.45 lacs as on 31.03.2009 and therefore, such s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessing Officer formed a belief of escapement on the basis of credit entry wroth ₹ 3.45 lacs as on 31.03.2009 in the name of M/s. Shiv Craft and the assessment order reads that the assessee filed letters dated 26.07.2014 and 30.06.2014 containing the confirmed copy of ledger account to that extent. Assessee also submitted that the transaction does not involve any unsecured loan since the assessee did not take any loan from this party, inasmuch as there are regular running transactions of sale and receipts against the sale made by the assessee. Assessee further submitted that in subsequent assessment years in some cases there are debit balances and in so far as M/s. Shiv Craft is concerned, it was nil by the end of F.Y. 2011-12. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
