2014 (6) TMI 147

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....rn of income in regular course declaring income of Rs. 1,96,130/-. A search and seizure operation u/s 132 of the Act was carried out in case of assessee and related group cases on 29/01/2009. As a consequence of search and seizure operation a notice u/s 153A of the Act was issued to the assessee calling for the return of income. In response, the assessee filed his return admitting the same income as declared in the original return. 3. During the assessment proceeding, the Assessing Officer noticed that assessee has claimed an amount of Rs. 74,78,445/- as sundry creditors. The Assessing Officer asked the assessee to furnish the name and address of the creditors, their PAN, their creditworthiness, genuineness of the transaction, etc. As st....

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....editor M/s Krishna Agro Agency nor has furnished details of the creditor like PAN, address etc. even during the remand proceeding also. He, therefore, commented that claim of the assessee regarding the credit of Rs. 9,04,243/- needs to be rejected. So far as TDS payable of Rs. 1,05,836/- is concerned, the CIT(A) on verifying the audit report in form 3CD found the amount to have been paid on 31/03/2005. When the assessee was confronted with the remand report of the Assessing Officer, he expressed his inability to furnish any evidence in respect of the credit of Rs. 9,04,243/- from M/s Krishna Agro Agency and agreed for addition of the said amount. 5. The CIT(A) on considering submissions of the assessee in the light of the remand report a....

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....f the revenue authorities as well as other materials on record. As can be seen from the facts on record, out of the four items appearing under sundry creditors, the Assessing Officer in his remand report dated 23/01/2002 has himself accepted the genuineness of the credits of Rs. 52,34,502/- and Rs. 12,34,164/- standing in the name of M/s Sunder Synthetics Pvt. Ltd. and Sunder Steels Ltd. respectively and agreed for giving credit to the assessee in respect of them. So far as TDS payable of Rs. 1,05,836/- is concerned, the Ld. CIT(A) on verifying details has found that the amount was actually paid by the assessee on 31/03/2005. Therefore, the only amount left is Rs. 9,04,243/- standing in the name of Krishna Agro Agency, which the assessee hi....