9911796707
TMI Blog2022 (4) TMI 539X X X X Extracts X X X X X X X X Extracts X X X X ..... has taken the following grounds of appeal: "1. That on the facts and in the circumstances of the case, Ld. Commissioner of Income Tax (Appeals) was mistaken to limit the disallowance to the extent of Rs. 92,88,825/- on account of unverifiable creditors where the opening balance of the creditors for Rs. 34,08,875 brought forward from last year, was ignored which would not be income for the assessment year 2014-15. 2. That on the facts and in the circumstances of the case, Ld. Commissioner of Income Tax (Appeals) failed to construe that section 133(6) of Income Tax 1961 is not the only conclusive machinery to substantiate the veracity of transactions giving rise to creditors, where details of bank transaction with the said creditors were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hey have now supplied the copy of the ledger of the assessee in their books of accounts showing the aforesaid amount credited to the assessee. The ld. Counsel for the assessee has also relied upon the bank account statement to submit that the aforesaid amount was transferred to the assessee by the aforesaid creditors through banking channel. The ld. Counsel for the assessee has, therefore, submitted that the assessee may be given an opportunity to produce the aforesaid two creditors and relevant evidences to verify the genuineness of the transaction relating to the aforesaid credits and regarding the creditworthiness of the creditors. The ld. DR has relied upon the findings of the lower authorities to submit that the ld. CIT(A) had given a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditors before the Assessing Officer. In our view, the interest of justice will be well-serve if the assessee is given an opportunity to produce the necessary evidences/creditors for the verification of the transaction in question. In view of this, the impugned order of the ld. CIT(A) is set aside on this limited issue with a direction that the ld. CIT(A) will give an opportunity to the assessee to produce the evidences/creditors, if so required for the purpose of verification of genuineness of the transaction and creditworthiness of the creditors, thereafter the ld. CIT(A) will decide the issue afresh in accordance with law. 4. In the result, the appeal of the assessee is treated as allowed for statistical purposes. Kolkata, the 28th Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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