TaxTMI 
TaxTMI 
2021 (4) TMI 308
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.... Ld CIT(A) has erred in deleting the addition of Rs. 2,00,89,648/- on account of bogus Sundry creditors. 2. The Ld CIT(A) has erred in deleting the addition of Rs. 2,00,89,648/- on account of the fact that even after issuing ;summons to the 21 parties for ascertaining the genuineness of Sundry Creditors, neither parties even appeared nor given any confirmation. 3. The Ld.CIT(A) has erred in taking into consideration of fact that every assessment year is distinct from each other and cannot be compared with the results of the current year consideration on account of genuineness and creditworthiness of facts. 4. The Ld.CIT(A) has erred in deleting the addition of Rs. 74,55,600/- without taking consideration of facts ....
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....g the contention of the assessee that the AO while re-computing deduction under section 80 IC has ignored the fact that the TMT bars being sold by the assessee are also produced out of the billets being manufactured by the assessee and hence the assessee is eligible to deduction under Section 80-IC in respect of the billets produced and consumed for producing TMT bars, angles/channels. 3. The assessee firm is engaged in the business of manufacturing of M S Billets. The assessee declared income from business or profession and income from other sources. The assessee filed return of income on 20/9/2011 declaring income of Rs. 47,50,900/-. The Assessing Officer made an addition of Rs. 6,75,406/- in respect of Section 80IC deduction which was....
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....mbers. These are M/s Raj Nandi Metal Pvt. Ltd., M/s Ajay Enterprises, M/s Saton Reflectors Enterprises and M/s Shiv Enterprises, Ahmedabad. The assessee has filed copy of ledger account of all the parties where in the amount of outstanding has been squared off by making payment through proper banking channel. The Ld. AR also submitted the bank statements highlighting the payments made to the above parties through account payee cheque as well as indicating the outstanding balance of each 21 parties was also provided by the Assessee before the Assessing Officer. The said documentary evidences submitted by the assessee were totally ignored by the Assessing Officer in the assessment order. The Ld. AR submitted that the Assessing Officer has nev....
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....dings given by the CIT(A) are correct as per the records. Merely, non-producing the parties in person despite knowing that these parties are identified parties, cannot determine the non-genuineness of the transaction. Thus, the CIT(A) rightly deleted the addition and there is no need to interfere with the findings of the CIT(A). Hence, Ground No. 1 to 3 of the Revenue's appeal is dismissed. 8. As regards Ground No 4 & 5 relating to addition of Rs. 74,55,600/- relating to job work charges, the Ld. DR submitted that the Assessing Officer has rightly made addition and relied upon the order of the assessment order. 9. The Ld. AR submitted that the job work was related to the sister concern and, therefore, the CIT(A) has rightly deleted th....
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.... upon the assessment order and the order of the CIT(A). 13. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that the assessee firm was engaged in the manufacture of MS Billets i.e. the raw material required to manufacture the final product TMT Bars. This manufactured raw material is further supplied to its sister concern M/s Amba Shakti Ispat Pvt. Ltd. which in turn manufactures the final product TMT bars for the assessee on job work basis. It is pertinent to note that TMT bars made from MS Ingots suffer from a deficiency in tensile properties, and there arises inconsistency in tensile strength and elongation. But TMT bars produced from continuous casting MS Billets show a....