2022 (8) TMI 728

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.... in making and sustaining the addition of Rs. 1,80,000/- in respect of loans received from his two Nephews few years ago and returned to his brother on request of Nephews who are residing abroad because their father residing in village needed money. The CIT(A)'s order is bad in law, it having failed to give the fact and arguments of the appellant. 2. The Ld. A.O. as well as Ld. CIT(A) have erred on facts as well as in law in making and sustaining the addition of Rs. 31,62,3931- in respect of Sundry Creditors i.e. persons from whom purchases are made were outstanding at the end of the year. 3. Order of Ld. CIT(A) sustained the addition of Sundry Creditor is altogether on different ground by treating these as cash credit and has not dis....

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....(B.2) The Ld. Senior Departmental Representative ("Sr. DR") for Revenue supported the orders of the Assessing Officer and the Ld.CIT(A)'s and relied the same. (B.2.1) We have perused the materials on record. We have heard both sides. The relevant facts are not in dispute . It is not in dispute that the aforesaid loan repayments totaling Rs. 1,80,000/- have been duly recorded in the books of accounts of the assessee; and further that these amounts are also reflected in the respective ledger accounts of the two persons Mr. Sunit and Mr. Punit. It is also not in dispute that the assessee was in regular business of manufacturing polythene bags etc. Further, it is not in dispute that there were regular receipts in the books of the assessee from....

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..../-, on the ground that field inquires did not yield "result which can work as a savior for the Appellant." [Italicised words quoted from the order of the Ld.CIT(A)]. (C.1) At the time of hearing before us, the Ld. Counsel for the assessee submitted that this issue may be restored back to the file of the AO for fresh order in accordance with law. He further submitted that the assessee will extend full cooperation in verification of the aforesaid amount, to the satisfaction of the Assessing Officer. (C.2) The Ld. Sr. DR supported the orders of the Assessing Officer and the Ld.CIT(A) and he relied on the same. (C.2.1) On perusal of the assessment order dated 31/12/2016 u/s 143(3) of Income Tax Act, we find that the notices u/s 133(6) were d....