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TMI Blog2022 (4) TMI 1265X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee against the order of the Ld. Pr. CIT, Visakhapatnam-1 vide DIN & Letter No. ITBA/COM/F/17/2020/1032080706(1), dated 31/3/2021 for the AY 2015-16. 2. Brief facts of the case are that the assessee is engaged in the wholesale trading of Iron and Iron scrap. The assessee filed his return of income for the AY 2015-16 declaring total income of Rs. 28,29,930/- on 28/09/2015. Subsequently ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... response to the above show cause notice the assessee filed details of bank account extract of the creditors and the IT returns filed by the creditors to prove the genuineness of the transactions. The Ld. Pr. CIT relying on the decision of the Hon'ble Supreme Court in the case of Malabar Industrial Co. Ltd. vs. CIT [2000] 109 taxman 66 (SC) and also relying on the decisions of various High Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Ld. Pr. CIT. 5. We have heard the Ld. DR and carefully perused the material on record and the orders of the authorities below. Admitted facts are that the assessee has taken a loan from various creditors amounting to Rs. 61 lakhs as detailed in page 2 and 3 of the order U/s. 263 of the Act. The assessee has submitted the written submissions and relied on the decisions of various Benches o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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