2015 (4) TMI 1306

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....r the Respondent : Mr. Rajesh Mahna with Mr. Rajesh Dureja and Mr. Ramanand, Advocates. ORDER Issue notice. Mr. Rajesh Mahna, Advocate accepts notice on behalf of assessee. The Revenue is in appeal against the order of the Income Tax Appellate Tribunal ('ITAT') dated 9.5.2014 whereby additions in respect of two of the assessee's creditors, i.e., M/s Alter Investments Pvt. Ltd. and M/s Ill....

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....estments Pvt. Ltd. and Alter Investments Pvt. Ltd., amounts were added on the ground that there was no material or that the material disclosed was insufficient. The assessee's appeal succeeded so far as the additions in respect of M/s Alter Investments Pvt. Ltd. (Rs. 36,12,25,209/-) and M/s Illac Investments Pvt. Ltd. (Rs. 12,29,99,000/-) were concerned. The CIT (A), before whom the assessee had a....

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.... credit worthiness of the parties concerned, learned counsel stated that the CIT (A) and the ITAT in this regard completely overlooked the established law. Counsel for the assessee relied upon the findings of the CIT (A) and the ITAT and stated that relevant details in the form of the ITRs as well as proven identity of the parties were on the record. Highlighting that the credits in respect of ....

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...., that is not the end of the matter. It is an established matter of record that in appellate proceedings before the CIT (A), the assessee had produced copies of the balance sheets, profit and loss statements and bank accounts pertaining to the concerned parties, i.e., M/s Alter Investments Pvt. Ltd.& M/s Illac Investments Pvt. Ltd. This was in addition to the extracts of its own ledger records to ....