2015 (1) TMI 612

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....rds unexplained cash credit to the extent of Rs. 41,38,474/-? (ii)Whether based on the material available before it, the Tribunal could have arrived at a conclusion that the assessee had made payments to the creditors in the subsequent year and that the credits are genuine?" 2. The respondent/assessee is an individual trading in old bottles. In completing the assessment of income for the assessment year 2008-09 under Section 143(3) of the Income Tax Act, the Assessing Officer added a sum of Rs. 47,58,616/- as unexplained credits holding that the credits appearing in the name of various parties as unconfirmed balances. Aggrieved by the said order of the Assessing Officer, the assessee preferred an appeal before the Commissioner of Income T....

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....appellant submitted the bank statement of subsequent year and A.O. on verification stated in the order "Though there are fund transfer from these accounts, there is no clear indication as to whom these funds were transferred. The A.O. also received confirmation letters from M/s.Varsha Bottle Suppliers, ARavind Traders, Kubera Trading Service and Shajid Traders. On observing these confirmation letters the A.O. doubted the genuineness of these confirmation letters. The A.O. after verification of all the details summarized the unconfirmed balance of 14 creditors amounting to Rs. 47,58,616/- and made the addition. 7. During the course of appellate proceedings, the AR submitted the details creditor wise showing the payments made to the trade cr....

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....d the details of bank account reflecting the RTGS transfer during the financial year 2009-10. On verification of these details, the addition made by the Assessing Officer needs to be deleted. vi) Pandian Bottle Stores: In this case, the addition made was Rs. 64,816/-. The appellant furnished cheque details for payment of these amount on 13.4.2009. Hence, the addition is to be deleted. vii) R.B.I. Bottles: The addition made by the Assessing Officer was Rs. 57,200/-. The appellant submitted that the amounts were paid by cash on 6.4.2009, 17.4.2009 and 4.5.2009. However, the ledger copy furnished did not show the payments on these dues. Hence, genuineness could not be proved by the AR. The addition is confirmed. viii) Shajith Traders: The a....