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TMI Blog2024 (9) TMI 960X X X X Extracts X X X X X X X X Extracts X X X X ..... duly taken into consideration the aforesaid payments in its return of income. The ld. counsel has also invited our attention to submit that the aforesaid transaction was duly explained to the AO. The aforesaid documents on record duly proved that the aforesaid amount was business payment by the assessee to M/s Sarda Vanijya (P) Ltd. and there is no question of addition on the same as unexplained credits into the income of the assessee. Therefore, the aforesaid addition made/confirmed by the lower authorities are ordered to be deleted. Bogus trading liability - HELD THAT:- As trading liabilities of the small amounts cannot be merely added only because the assessee could not furnish the relevant documents in respect of the aforesaid two parties. The preponderance of probabilities in this respect lie in favour of the assessee. Considering that the assessee has been able to produce evidences in respect of the remaining parties and also considering that the assessee has collected records from the various parties, we do not find justification on the part of the lower authorities in making the addition in respect of the aforesaid two parties. The same is accordingly ordered to be deleted. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the circumstances of the case, Ld. CIT(A) ought to have deleted the addition made by the A.O. to the tune of Rs. 3,75,799/- holding that the said amount represented ingenuine trading liability of M/s Bharat Enterprise though there is no provision in the Act for making such addition. 4. (b) For that on the facts and in the circumstances of the case, Ld. CIT(A) ought to have deleted the addition made by the A.O. to the tune of Rs. 9,00,246/- holding that the said amount represented ingenuine trading liability of M/s Nirman though there is no provision in the Act for making such addition. 5. For that on the facts and in the circumstances of the case, Ld. CIT(A) ought to have deleted the addition made by the A.O. totaling to Rs. 20,33,817/- in respect of the following parties holding that the said amount represented bogus trading liability in the assessee's books as on 31.03.2012 - (a) Kripa Infrastructure : Rs. 4,77,268/- (b) Ram Naresh Singh : Rs. 5,06,540/- (c) Swastik Engineering : Rs. 10,50,009/- Rs. 20,33,817/- 4. Ground No.1 Ground No.1 is general in nature. 5. Ground No.2 Vide Ground No.2, the assessee has agitated against the confirmation of addition of Rs. 6,27,00,000/- a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the aforesaid payments made to the contractors. 7. In view of above, the assessee had duly proved on the file that the aforesaid amount represents the payment made by the assessee to the contractor M/s Growfast Realtors (P) Ltd. Therefore, both the lower authorities misconstrued the aforesaid amount as unexplained credits. The impugned addition is, therefore, not sustainable and the same is accordingly ordered to be deleted. 8. Ground No.3 Vide ground no.3, the assessee has agitated against the confirmation of addition of Rs. 19,13,40,000/- made by the Assessing Officer as unexplained credits from M/s Sarda Vanijya (P) Ltd. 9. The ld. counsel has submitted that in respect of the above amount/transaction, both the lower authorities have wrongly and mistakenly taken the said amount as unexplained credits, whereas, the said amount was a payment made to M/s Sarda Vanijya (P) Ltd. during the course of business. The payment was made through banking channel. The ld. counsel has invited our attention to page 139 of the paper-book, which is a copy of bank account of M/s Sarda Vanijya (P) Ltd. The ld. counsel has further invited our attention to credit/transfer entry of Rs. 5 crore dated 26. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer that the record of the assessee stood damaged and the assessee has been able to get accounts of trading liabilities from the respective parties to prove the transaction entered by the assessee. The assessee has been able to collect the document relating to trading liabilities and payments made by the assessee to various parties. The Assessing Officer has accepted the trading liabilities in respect of other parities. 11. Under the circumstances, the aforesaid trading liabilities of the small amounts cannot be merely added only because the assessee could not furnish the relevant documents in respect of the aforesaid two parties. The preponderance of probabilities in this respect lie in favour of the assessee. Considering that the assessee has been able to produce evidences in respect of the remaining parties and also considering that the assessee has collected records from the various parties, we do not find justification on the part of the lower authorities in making the addition in respect of the aforesaid two parties. The same is accordingly ordered to be deleted. 12. Ground No.5 Vide Ground No.5, the assessee has agitated against the confirmation of addition of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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