2009 (7) TMI 1247

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....LA WITH MR. MANU K. GIRI, ADVS.. The assessee filed his return for the Assessment Year 2001-02, declaring an income of Rs. 4,10,544/-. This return was processed under Section 143(1)(a) and the case was selected for scrutiny thereafter. Notice under Section 143(2) was issued to the assessee. The Assessing Officer doubted the veracity and genuineness of sundry creditors of an amount of Rs. 1 lakh....

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....The order of ITAT has been challenged in this appeal. It would be worthwhile to mention that the aforesaid creditors shown in the books of accounts, are the sundry creditors, from whom as per the assessee, he had made purchases. They are thus the creditors. The Tribunal found that even if it is accepted that the books were rejected, significantly the Assessing Officer had not disallowed the purcha....