Confirmations of creditors is mandatory for assessment proceedings
Last updated: 02 November 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
On the facts and circumstances of the case and in law, the CIT(A) erred in granting relief in respect of addition u/s 41(1) of Rs. 30,49,113/- on account of sundry creditors for which no confirmations were filed during the course of assessment proceedings and moreover in the remand report it was merely stated by the A.O. that the payments were made by A/c payee cheques and genuineness thereof were not verified.
Citation :
DCIT 22(3), 3rd floor, Tower No.6, Vashi Rly. Station Complex, Vashi, Navi Mumbai (Appellant) Vs. M/s. Rishabh Oil Industries Shop No. 18, Shanti Centre, Sec. 17, Vashi, Navi Mumbai PAN NO: AAEFR 1398 G (Respondent)
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CS Bijoy
Published in Income Tax
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