2021 (1) TMI 666

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....directed against the order dated 19-07-2019 passed by the Commissioner of Income-tax (Appeals)-8, Pune in relation to the assessment year 2013-14. 2. The only issue raised in this appeal is against the confirmation of Rs. 15,66,027/- u/s. 41(1) of the Income-tax Act, 1961 (hereinafter also called 'the Act'). 3. Briefly stated, the facts of the case are that the assessee is engaged in the manufac....

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....ion of the assessee, the AO caused inquiries conducted u/s.133(6) of the Act in relation to the seven creditors. Two creditors confirmed the assessee's contention. Regarding the remaining five creditors namely; (1) M/s. Shrikrishna Enterprises, PO Perumbavoor, Kerala-Rs. 3,18,972/-; (2) M/s. Anugrah Timber Traders, Perumbavoor, Ernakulam, Kerala-Rs. 1,62,215/-; (3) M/s. Asian Plywood Industries, M....

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.... the Tribunal in ITA No.1691/PUN/2018 restored the matter to the file of CIT(A) for a fresh determination of the issue. In the current proceedings again, the ld. CIT(A) has reiterated his earlier view. 5. Having heard the rival submissions through virtual court and perused the relevant material on record, it is found as an admitted position that the five creditors in question arose out of earlier....

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....e parties in the F.Y. 2014-15, whose copies have also been reproduced in the impugned order. The ld. CIT(A) has doubted the genuineness of the transactions on the ground that cash payments could not have been made because all such parties were coming from Kerala. Once the assessee furnished ledger accounts of the parties evidencing the making of payments in a succeeding year that established the e....