2016 (4) TMI 1347

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.... Per VIJAY PAL RAO, JM : This appeal by the assessee is directed against the order dated 14/04/2014 of the CIT(A), LTU, Bangalore, for the assessment year 2008-09. 2. The solitary ground raised by the assessee is as under: "The CIT(A) failed to appreciate the fact that the sundry creditor in respect of M/s Beijia Industrial Company Ltd. of Rs. 7,79,550/- is genuine & was established by ledger....

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.... consideration. Therefore, no addition u/s 68 can be made when the assessee has not introduced these credits during the year under consideration. The assessee has relied upon the decision of the Hon'ble Delhi High Court in the case of CIT vs. Usha Stud Agricultural Farm Ltd. (301 ITR 384). The CIT(A) did not accept the contention and explanation of the assessee and confirmed the addition made by t....

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.... discharge its onus to prove genuineness of the transaction. He has relied upon the orders of the authorities below. 4. We have considered the rival submissions as well as the relevant material on record. We find that the amount in question is a brought forward balance as shown in the account of the two parties viz., M/s.Beijia Industrial Co. Ltd., and M/s.S.I.International Co., who are stated to....

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....s of M/s.Beijia Industrial Co. Ltd., and M/s.S.I.International Co.,. The AO made the addition on the ground that the assessee failed to produce the confirmation of the creditor. It is pertinent to note that this amount was shown as credit for the financial year 2005-06 and continued as carried forward till this year, then it would not be a case of credit entries in the books of account of the asse....