9911796707
TMI Blog2022 (1) TMI 1348X X X X Extracts X X X X X X X X Extracts X X X X ..... delivery of materials such as road challan and accepted challan copy etc. and no enquiry was made by the assessing officer in this regard and he has been swayed entirely by the statement of the CFO who was not allowed to be cross-examined. Tribunal on facts, concluded that the reconciliation is supported by evidence which is on record and there is no difference in the balance sheet and in the books of accounts of the assessee and accordingly dismissed the appeal filed by the revenue. The above factual discussion has been set out by us in the preceding paragraphs to demonstrate that the case on hand involves adjudication and re-adjudication into facts. This exercise has been done by the CIT(A) as well as the tribunal and we are preclud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal granting relief to the assessee on the ground that the evidence of the Chief Finance Officer did not affirm with whom the assessee is alleged to have had transaction, which was not properly appreciated leading to perversity in the order of the Tribunal. The assessee filed their returns of income for the assessment year under consideration (A.Y. 2006-07) reporting a loss of ₹ 2,58,03,527/-. The return was duly processed under Section 143(3) of the Act. The assessee is engaged with the business of manufacturing of steel and trading of iron and steel products. The issue which is subject-matter of consideration in this appeal is with regard to unexplained credits which has been dealt with by the assessing officer in paragraph 4 of hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) also noted the various question which have been posed to the Chief Finance Officer and while answering question no.6, though he had stated that he could produce the bank statement, he did not produce the same. The other documents and letters which were placed were also scrutinized by the CIT(A) and more particularly, the reconciliation statement. We find that CIT(A) has done an elaborate exercise to examine each one of the items in the reconciliation statement and also found that they were duly supported by records and pointed out that the assessee has produced documents including the copy of the bank account maintained by the Bank of India. However, the other party namely, Ram Swaroop Industrial Corporation never produced its ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f delivery of materials such as road challan and accepted challan copy etc. and no enquiry was made by the assessing officer in this regard and he has been swayed entirely by the statement of the CFO who was not allowed to be cross-examined. Thus, the tribunal on facts, concluded that the reconciliation is supported by evidence which is on record and there is no difference in the balance sheet and in the books of accounts of the assessee and accordingly dismissed the appeal filed by the revenue. The above factual discussion has been set out by us in the preceding paragraphs to demonstrate that the case on hand involves adjudication and re-adjudication into facts. This exercise has been done by the CIT(A) as well as the tribunal and we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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