2015 (10) TMI 1450

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.... Rajendra, Accountant Member - Challenging the order dated 11.01.2013 of the Commissioner of Income Tax (Appeals), Guwahati, the Assessee-company has raised the following grounds of appeal: '1. For that the Ld. CIT(A) had erred in law and in facts in disallowing the sum of Rs. 14,41,186/- under the head "Sundry Balances written off". 2. For that additional ground/grounds both in law a....

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.... that out of the total amount of Rs. 17.17 lakh an amount of Rs. 14.14 lakh related to advance made to Singapore based company, M/s Everest International Pte Limited (EIPL) against purchased of raw material. On perusal of the ledger account, he found that assessee used to purchase raw material from the said EIPL. The assessee filed certain documents in its support. The AO held that EIPL had dispat....

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....equest in October, 2010 to State Bank of India to grant permission to write off the amount, that it was evident that amount was not actually written off during the period; that it was not admissible at the direction even if other conditions were satisfied. In view of that, he disallowed Rs. 14.14 lakh out of the total claim of Rs. 17.17 lakhs. 3. Aggrieved by the order of the AO, assessee prefe....

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....wed for the year under consideration. Ld. Departmental Representative (DR) of the Revenue supported the orders of the FAA. He referred to page No. 1 to 4 of the paper book. 5. We have heard rival submission and perused the material before us. We find that the disputed amount was paid to EIPL as an advance for purchasing the raw material; that the assessee did not honour the transaction; that th....