https://www.taxtmi.com/caselaws?id=446345 The ITAT Surat dismissed the revenue's appeal regarding disallowance of sundry creditors. The AO had disallowed the creditors despite issuing show cause notices, claiming no details were furnished. However, the CIT(A) granted relief after considering additional evidence. The ITAT held that the AO's remand report accepted both seller and purchaser responses, and bank statements showed subsequent payments. Since neither sale nor purchase transactions were disputed, only the outstanding balance was questioned. The assessee claimed no assessment notices were received, preventing earlier evidence submission. The ITAT found the CIT(A) properly admitted additional evidence considering its nature and circumstances, distinguishing adverse precedents where evidence was filed without reason. en-us Tue, 31 Oct 2023 00:00:00 +0530 Fri, 03 Jan 2025 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446345 The ITAT Surat dismissed the revenue's appeal regarding disallowance of sundry creditors. The AO had disallowed the creditors despite issuing show cause notices, claiming no details were furnished. However, the CIT(A) granted relief after considering additional evidence. The ITAT held that the AO's remand report accepted both seller and purchaser responses, and bank statements showed subsequent payments. Since neither sale nor purchase transactions were disputed, only the outstanding balance was questioned. The assessee claimed no assessment notices were received, preventing earlier evidence submission. The ITAT found the CIT(A) properly admitted additional evidence considering its nature and circumstances, distinguishing adverse precedents where evidence was filed without reason. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446345