9911796707
TMI Blog2022 (11) TMI 725X X X X Extracts X X X X X X X X Extracts X X X X ..... ineness of cash credits were established by the assessee. The CIT(A) has given a detail finding and there is no need to interfere with the same. Ground No. 1 of Revenue s appeal is dismissed. G.P. addition - HELD THAT:- As assessee has duly furnished all the details to establish the correctness of the books of accounts and also furnished ITR, Audit Report, balance sheet and Profit Loss Account. The detail of G.P. ratio and N.P. ratio for last three years also was shown to the Assessing Officer. It is pertinent to note that the Assessing Officer while rejecting the books of accounts has not recorded any proper satisfaction/reasons and therefore, the rejection of books of accounts was not justifiable. The G.P. and N.P. rate was preju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ught on record? 3. It is, therefore, prayed that the order of ld. CIT(A) may be set aside and that of the Assessing Officer be restored. 4. The appellant craves leave to amend or alter any ground or add a new ground, which may be necessary. 4. The assessee is engaged in the business of trading of all types of Chemicals, Casting and Casting Parts. The return of income was filed by the assessee o 28.11.2014 declaring total income of Rs. 82,80,030/-. The case was selected for scrutiny and notice under Section 143(2) and 142(1) was issued. The assessee filed details and submissions from time to time before the Assessing Officer. The Assessing Officer made disallowance of expenses of Rs. 26,612/- under Section 14A r.w.r. 8D of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .R. relied upon the order of the assessment order. 8. The Ld. A.R. relied upon the order of the CIT(A) and submitted that the CIT(A) has justified in deleting both the additions. The Ld. A.R. further submitted that all the necessary evidences were before the CIT(A) as well as before the Assessing Officer which was totally ignored by the Assessing Officer. 9. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that as regards the Ground No. 1 the assessee has established the identity, creditworthiness and genuineness of the transactions by submitting all the details such as confirmation cum contra account the name, address, PAN details, I.T. Return, balance sheet and profit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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