R. G. SUNDAR & CO,ERODE vs. DCIT, CENTRAL CIRCLE-2, COIMBATORE, COIMBATORE
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Income Tax Appellate Tribunal, ‘C’ BENCH: CHENNAI
Before: SHRI MAHAVIR SINGH & SHRI JAGADISH
per its own books of account, which has not been authenticated by
other party and therefore can not be accepted . The Ld. CIT(A) has
ITA No.121/Chny/2024 :- 6 -:
confirmed the addition as the assessee has not filed any evidence
from M/s. Pon Azhagu Stores to establish creditworthiness.
The Ld. A.R has submitted the copy of audited account
reiterating the fact that Rs. 2,00,000/- was received from M/s. Pon
Azhagu Stores for dealership on 13.02.2017 and the same has been
refunded/adjusted on 10.08.2018 and there has been continuous
transaction before the cancellation of dealership.
The Ld. D.R relied upon the orders of the authorities below.
We have heard the rival contentions, and perused the materials
available on record. The assessee has received deposit of
Rs.2,00,000/- from M/s. Pon Azhagu Stores on 13.02.2017 which is
duly recorded in the books of accounts. There has been a number of
transactions of goods supplied and payment received recorded in the
books of account and finally on 10.08.2018 Rs. 2,00,000/- has been
refunded/adjusted. The assessee has submitted that accounts are duly
audited by Charted Accountant, which has been noted by the A.O and
Ld.CIT(A). The assessee has discharged his onus by submitting copy
of ledger accounts from the audited books of account . The money has
been received by cheque , which has been refunded in the subsequent
year on the cancellation of dealership. Therefore we are of opinion
ITA No.121/Chny/2024 :- 7 -:
that the Ld.CIT(A) was not justified to confirm the addition of Rs 200000 u/s 68 . Hence, the addition made is deleted.
In the result, the appeal filed by the assessee is allowed.
Order pronounced in the open Court on 30th May, 2024.
Sd/- Sd/- (महावीर िसंह) (जगदीश) (Jagadish) (Mahavir Singh) लेखा लेखा सद�य लेखा लेखा सद�य सद�य /Accountant Member सद�य उपा� / Vice President चे�ई/Chennai, �दनांक/Dated: 30th May, 2024. EDN/-
आदेश क� �ितिलिप अ�ेिषत/Copy to: 1. अपीलाथ�/Appellant 2. ��थ�/Respondent 3. आयकर आयु�/CIT, Chennai/Madurai/Coimbatore/Salem 4. िवभागीय �ितिनिध/DR 5. गाड� फाईल/GF
