2018 (4) TMI 623

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....sessing Officer that on perusal of balance sheet for the year ending 31.03.2012, it is seen that under the head sundry creditors assessee has shown liability of Rs. 7,25,000/- towards M/s Ani-Anu Developers Pvt. Ltd. The assessee was asked to furnish confirmation of the same along with balance sheet and its annexures of Ani-Anu Developers Pvt. Ltd. The assessee has filed confirmation from Ani-Anu Developers Pvt. Ltd. and also filed audited balance sheet along with annexures of the creditor company. On verification of the details filed by the assessee the Assessing Officer observed that Ani-Anu Developers has not shown the amount of Rs. 7,25,000/- as balance outstanding with Shri Animesh Gupta as sundry debtor or under the head loan and adva....

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....ner of Income Tax (Appeals) was not convinced. He confirmed the addition by holding as under: 3.2 I have considered the facts of the case. On perusal of the balance sheet of the assessee for AY 2012-13, it is evident that the said amount of Rs. 7,25,000/- has been shown as sundry creditors in the name of M/S Ani-Anu Developers. It has also been noted by the AO that assessee's father and brother are managing directors of the said company. There is no doubt about the fact that this amount which was shown as payable to the said M/S Ani-Anu was not appearing in the balance sheet of M/S Ani-Anu as outstanding against the assessee. This fact has not been contradicted by the assessee. Hence, on the basis of evidence which was there before t....