2012 (8) TMI 1033

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....ses out of the order passed by the Commissioner of Income-tax (Appeals) on 12.04.2011 in relation to the assessment year 2007-2008. 2. The only issue raised in this appeal is against reducing the addition from Rs. 28.30 lakh made by the Assessing Officer u/s 41(1) of the Act to Rs. 6.14 lakh. Briefly stated the facts of the case are that the assessee had shown sundry creditors at Rs. 60,99,168.....

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....earned CIT(A) observed that the assessee himself claimed that the creditors had overcharged which suggested the purchases to the extent of dispute were not required to be repaid. It was further observed that during the year the assessee made total purchases to the tune of Rs. 61,41,240, and in that sense the addition could have been confirmed only in relation to sundry creditors to that extent. Co....