2018 (4) TMI 1537

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....t of alleged unexplained cash creditors and Rs. 55,93,270/- added by the Assessing Officer on account of alleged suppression of sale. The assessee is a liquor contractor. For the assessment year 2011-12, he filed the return on 07/02/2012 declaring an income of Rs. 8,36,315/-. The assessee maintained account audited by the Chartered Accountant under Section 44AB. However, the sale bills of liquor were not available, only the quantity of liquor supplied at the outlets were noted in the account books. In the course of assessment, the Assessing Officer accepted the expenses debited in P&L account and also the purchases, sealing and bardana expenses, freight, licence fee and duty, but did not accept the sales. Adopting the sales by increasing....

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....reported that in respect of following loan creditors the identity credit worthiness and genuineness of the loan creditors stand proved. (i) Shri Radha Krishna Yadav 19,00,000/- (ii) Shri Gopal Goyal 1,00,000/- (iii) Shri Naresh Tomar 9,98,000/- (iv) Marg Dharshan Traders 7,00,000/- Thus, the above loan creditors which have been examined by the Assessing Officer with reference to bank account and other direct and primary evidence & admitted are explained. As for the remaining three creditors, namely, (i) Shri Matadeen Shivhare Rs. 15,00,000/-; (ii) Shri Satyendra Singh Parmar Rs. 10,00,000/-; and (iii) Shri Arvind Jhari Rs. 10,00,000/-, the Assessing Officer has, however, reported that in respect ....

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....t the transaction was an afterthought without bringing any material on record to controvert the said evidences, it has been held that no addition was called for." In an appeal, the Tribunal upheld the order. It is held: "8. We have heard the parties and have examined the material on record. It is not disputed that the parties, in their statements on oath/solemn affirmation, have accepted that they had given loan to the assessee by account payee cheques, the details of which are placed on record. No further details or evidence were sought for from the three creditors. All the facts were duly stated by the three creditors in their affidavits filed before the CIT(A). The AO has not controverted the above statements and the affidavi....