2014 (9) TMI 927

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....f manufacturing stickers, labels, poly bags and user guide for Nokia and Motorola Cellphones. The assessee-company filed its return of income for the assessment year 2007-08 on 31.10.2007 declaring NIL income. The case of the assessee was selected for scrutiny and notice under Section 143(2) was issued to the assessee on 24.09.2008. During the assessment proceedings, the Assessing Officer made an addition of Rs. 88,00,000/- on account of ingenuine loan. Aggrieved by the assessment order dated 29.12.2009, the assessee preferred an appeal before CIT(Appeals). Before the First Appellate Authority, the assessee submitted confirmation letters from the creditors along with their audited accounts for the period ending on 31.03.2007 and on 31.03....

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....oduce the Director of the company, but, the A.O. refused to grant further opportunity. The assessee produced the Director of the lending company before the CIT(Appeals) on 25.02.2014. His statement under Section 131 of the Act was recorded, wherein he has stated that an amount of Rs. 88,00,000/- was given to M/s Inpac Delta India Pvt. Ltd. during the financial year ending on 31.03.2007. The ld. counsel for the assessee further contended that the additional evidence produced by the assessee before the CIT(Appeals) has been rejected for flimsy reasons. The ld. counsel prayed for accepting the documents on record and allow the appeal after examining the same. 4. On the other hand, Shri Durgesh Sumrott, CIT, representing the Department, vehe....