Pal Trockner Pvt. Ltd. v. Asstt. Commissioner of Income-tax, Circle-10(2), Kolkata
[Citation -2019-LL-0906-55]
| Citation | 2019-LL-0906-55 |
|---|---|
| Appellant Name | Pal Trockner Pvt. Ltd. |
| Respondent Name | Asstt. Commissioner of Income-tax, Circle-10(2), Kolkata |
| Court | ITAT-Kolkata |
| Relevant Act | Income-tax |
| Date of Order | 06/09/2019 |
| Assessment Year | 2009-10 |
| Judgment | View Judgment |
| Keyword Tags | unexplained sundry creditors • surmises and conjectures • opportunity of being heard • opening balance • closing balance • cash credit |
| Bot Summary: | Shri Joydeep Chakraborty, Adv., appeared on behalf of the assessee. Date of concluding the hearing August 13th, 2019 Date of pronouncing the order September 6th, 2019 ORDER Per J. Sudhakar Reddy, AM- This appeal filed by the assessee is directed against the order of the Learned Commissioner of Income Tax - 25, Kolkata, ), passed u/s. After hearing rival contentions, we find that there are no credit purchases during the year. All the transactions in question had taken place in the earlier Assessment Years and were the closing balance as on 31/03/2007. There were no purchases whatsoever, during the year. Thus, the question of making an addition u/s 68 of the 2 ITA No. 1439/Kol/2019 Assessment Year: 2009-10 M/s. Pal Trockner Pvt. Ltd Act, for the Assessment Year 2009 2009-10, does not arise, ass there is no sum credited in the books of account of the assessee during the year under consideration. The assessee has relied on a number of decisions for the proposition that the addition could not be made either u/s 68 of the Act or u/s 41(1) of the Act, we do not dwell on the same as already stated there were no credits during the relevant Financial Years and as neither the Assessing Officer nor the ld. |