2023 (2) TMI 793

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....he Respondent : Shri. S. Sridhar, Advocate & Shri. N. Arjunraj, CA ORDER PER G. MANJUNATHA, ACCOUNTANT MEMBER: This appeal filed by the revenue is directed against the order passed by the learned Commissioner of Income Tax (Appeals)-1, Trichy, dated 21.05.2020 and pertains to assessment year 2017-18. 2. The revenue has raised the following grounds of appeal: "1. The order of the learned Co....

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....iled its return of income for the assessment year 2017-18 on 28.10.2017, declaring total income of Rs. 4,35,85,650/-. The case was selected for scrutiny and assessment has been completed u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") on 30.12.2019 and determined total income of Rs. 8,04,85,353/-, by making addition towards trade payables at Rs. 3,68,99,703/- u/s. 68....

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....additional evidence without providing opportunity to the Assessing Officer for his verification in violation of Rule 46A of the Income-tax Rules, 1962. 5. The Ld. Counsel for the assessee, referring to CIT(A) order submitted that the assessee has filed confirmation from 23 parties and also explained the nature of transactions with the parties. The CIT(A) has recorded categorical finding in his ap....

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.... also explained nature of transactions with said parties. Therefore, he has deleted additions to the tune of Rs. 3,51,30,505/-, wherever assessee could file confirmation from the parties. In so far as, balance amount of Rs. 17,69,198/-, the assessee could not furnish any evidence before the CIT(A). Therefore, he has sustained additions to that extent. The only grievance of the revenue is with rega....