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TMI Blog2023 (8) TMI 509X X X X Extracts X X X X X X X X Extracts X X X X ..... made addition towards the assessee income by not accepting the liability appearing in the balance sheet in respect of outstanding payment to be made to various vendors related with the purchases - HELD THAT:- The assessee himself shown the name of Sh. Vijay Sharma in the balance sheet stating outstanding amount payable to various vendor, but the said Sh. Vijay Sharma has denied about outstanding amount payable to various vendors appearing in the balance sheet. The assessee has filed an affidavit of Sh. Vijay Sharma before us wherein the said Sh. Vijay Sharma has made certain averments supporting the claim of the assessee. Considering the fact that the said Sh. Vijay Sharma has filed an affidavit supporting the claim of the assessee, we deem it fit to restore the matter to the file of the A.O. for de-novo consideration and the assessee is directed to establish the claim before the A.O. Ground No. 2 of the assessee is partly allowed for statistical purpose. Unexplained loan - assessee submitted that the said amount are not related to the year under consideration and are the old outstanding amount carried forward from the previous years, which is reflected in the balance shee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ances of the case, the learned CIT(Appeals) was not justified in confirming an addition of Rs. 350000/- u/s 68 despite furnishing the copy of legal notice and conclusive proof of repayment of the above loan to the creditor (Shri Ashutosh Maheswari). The said addition be deleted. Ground No.4- On the facts and in the circumstances of the case, the learned CIT(Appeals) was not justified in party confirming a disallowance of Rs. 2000000/- out of I) Site, advertisement, business, traveling, printing, stationary and repairs II) fabrication expenses III) labour wages and IV) bricks BT metal, oil paints, sand stone, moram, shuttering expenses etc. Necessary interference may kindly be made and suitable relief allowed to the appellant firm. Ground No.5- The appellant craves leave to add, amend, alter, modify, substitute or delete nay ground at the time or before hearing of appeal. 3. Brief facts of the case are that, the assessee filed return of income for the Assessment Year 2010-11 declaring income of Rs. 9,58,920/-, the case of the assessee was selected for scrutiny under CASS and an assessment order came to be passed u/s 143(3) of the Act by computing the total income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s partly allowed for statistical purpose. Ground No. 2:- Disallowance of Rs. 11,89,800/- claimed as outstanding amount payable. 8. Ground No. 2 is regarding addition of Rs. 11,89,800/- made by disallowing the outstanding amount appearing in the balance sheet as payable to various vendors against which the name of one Sh. Vijay Sharma was mentioned. The Ld. Counsel for the assessee submitted that the A.O made addition of Rs. 11,89,800/- towards the assessee income by not accepting the liability appearing in the balance sheet in respect of outstanding payment to be made to various vendors related with the purchases. As against the outstanding liability the name of Sh. Vijay Sharma was mentioned in the balance sheet of the Assessee. Further submitted that, the said Sh. Vijay Sharma in his statement and also in the affidavit has accepted that he stood guarantee for the assessee for purchasing of material from various vendors on credit basis. The Ld. Counsel further submitted that the A.O. without making any enquiry or verification from the vendors whose name were given during the assessment proceedings, disallowed the liability related with the outstanding payments. Therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aper Book, wherein the said Sh. Vijay Sharma has made certain averments supporting the claim of the assessee. Considering the above peculiar facts and circumstances and also considering the fact that the said Sh. Vijay Sharma has filed an affidavit supporting the claim of the assessee, we deem it fit to restore the matter to the file of the A.O. for de-novo consideration and the assessee is directed to establish the claim before the A.O. Accordingly, the Ground No. 2 of the assessee is partly allowed for statistical purpose. Ground No. 3:- Addition of Rs. 3,50,000/- unexplained loan. 13. Ground No. 3 is regarding addition of Rs. 3,50,000/- treating same as unexplained loan. The Ld. Counsel for the assessee submitted that the said Rs. 3,50,000/- are not related to the year under consideration and are the old outstanding amount carried forward from the previous years, which is reflected in the balance sheet as liability payable to three persons. In support of the above contention of the Assessee, the assessee has produced the copy of the account of three creditors. 14. Considering the fact that the aforesaid amount does not related to the year under consideration and are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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