2024 (5) TMI 593

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..... year 2016-17, arises against the Addl./JCIT(A)-7, Kolkata, Kolkata's Din and Order No.ITBA/APL/S/250/2023-24/1058756400(1), dated 14.12.2023, in proceedings u/s. 143(3) of the Income Tax Act, 1961 (in short "the Act"). Heard both the parties. Case file perused. 2. The assessee's sole substantive grievance herein challenges correctness of both the learned lower authorities action making sec. 41( .....

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..... pellant had stated that he had no trading transaction with third party, M/s JK Enterprises , rather had a share trading account with M/s JK Enterprises. The AO had made detail third party enquiry and gathered enough evidence from M/s JK Enterprises like copy of confirmation for free safe sugar given copy of respective debit note along with proof of delivery, list of debtors wherein appellant's n .....

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..... d to pinpoint any specific material in assessee's books of account in support of the learned lower authorities impugned action invoking sec. 41(1) of the Act. 4. Faced with this situation, I quote Sugauli Sugar Works vs. CIT 236 ITR 518 (SC) that the impugned addition does not get attracted merely because of lapse of long time or in absence of any actual cessation in assessee's books of account. .....

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