2015 (7) TMI 19

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....asani ORDER P.C. 1. This appeal by the revenue under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 14 December 2012 passed by the Income Tax Appellate Tribunal (the Tribunal). The assessment year involved is 2006-07. 2. The basic grievance of the revenue is that on the facts and circumstances of the case the Tribunal was not justified in upholding the order of ....

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....leted in 1998-99 and payment was received through its sister concern. The amounts so received were credited towards advance instead of sales. The Commissioner of Income Tax (Appeals) called for a remand report from the Assessing Officer. The Assessing Officer in his remand report dated 12 May 2010 submitted as under: "An amount of Rs. 64,29,570/- out of the sundry creditors has been treated as &#....

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.... HiTech Trading Company as on 31.3.2000 by assessee in its books account. This credit continued in the books of account from 2000 to 2006 as a current liability. The above fact is confirmed by HI-TECH INSPECTING SERVICES LLC, OMAN vide their letter dated 30.11.2009 certifying that the work was completed during 1996-97 or thereabout. From the Ledger Account and other documents now furnished, it is ....

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....tance. From the ledger account of the concern, it was seen that Rs. 65,66,686/- have been transferred to the appellant's account for the reason that the amount was received on appellant's behalf from M/s.Hi-Tech Trading, Oman. The same was credited to the account of M/s.Hi-Tech Trading, Oman as on 31.3.2000 in the appellant's books which had continued from 2000 to 2006 as Current Liabi....