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TMI Blog2023 (5) TMI 1173X X X X Extracts X X X X X X X X Extracts X X X X ..... e anything to write off its liability as cessation thereof - Assessment of the assessee has been completed u/s 143(3) by the same incumbent AO for AY 2012-13 wherein these balances of the two creditors continuing from AY 2010-11 had been accepted and no additions made thereon. Also, assessee has placed on record the invoices which were raised in respect of these two liabilities and respective ledge accounts from its audited books of accounts. We are in agreement with these submissions so made by assessee and therefore, delete the additions so made. Accordingly, the ground taken by the assessee is allowed. - I.T.A. No.: 124/KOL/2023 - - - Dated:- 27-4-2023 - SRI SONJOY SARMA, JUDICIAL MEMBER AND SRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der: Sl. No. Party Name Balance as per party Balance as per assessee Difference 1. M/s Shib Shakti Builders NIL Rs.382465.50 Rs.382465.50 2. Emdee Builders Nil Rs. 1272620 Rs. 1272620 Total Rs. 1655085.50 4. For seeking explanation on the above, a summon was issued u/s 131 of the Act on the assessee. Ld. AO completed the assessment by making an ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for ease of reference: SI. No. Particulars Page Nos. 1. Financial Statements FY 2011-12 Tax Audit Report FY 2011-12 1-14 15-26 2. Financial Statements FY 2012-13 27-50 3. Financial Statements FY 2013-14 51-62 4. Assessment Order of Verdant Projects AY 2012-13 63-69 5. ITAT Order of Shubham Constructions AY 2012-13 70-79 6. Invoice Led ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Bench referred by the assessee in the case of M/s. Shubham Constructions (supra) is distinguishable on facts which has been discussed by ld. CIT(A) in his order. 10. We have heard the rival contentions and perused the material placed on record. Admittedly, this is not a case of doubtful expenditure. It is a case where on calling of information by ld. AO from the two creditors, there appears to be a difference in the balance confirmed by the creditors vis- -vis reported by the assessee in its audited financial statements. Further, the assessee has duly acknowledged its debt and has not done anything to write off its liability as cessation thereof. Furthermore, assessment of the assessee has been completed u/s 143(3) of the Act by the s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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