For Assessment under section 143(3) details of creditors is must to show

Last updated: 30 December 2011

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
The assessment in this case was completed under section 143(3). Later, on verification of the records of the case, the Commissioner of Income Tax found that that the assessing authority has not examined the genuineness of certain trade creditors which was of much importance to the assessment. He accordingly held the assessment order as erroneous and prejudicial to the interest of the Revenue. The assessment order was set aside on this point that assessing authority shall investigate the issue afresh and decide the matter de novo. The assessee is aggrieved and therefore this appeal before us.

Citation :
M/s. Southern Metals & Alloys,No.6, Madhavaram High Road,Perambur,Chennai-600 011.PAN: AACFS0515L (Appellant)Vs.The Assistant Commissioner of Income Tax-IX, Chennai. (Respondent)