CIT v. Pancham Dass Jain

205 CTR 444High Court2006#2111 most cited

What is CIT v. Pancham Dass Jain authority for?

Section 68 of the Income-tax Act is not attracted to amounts representing purchases made on credit or outstanding trade creditors, especially when the genuineness of the purchases is accepted by the department.

55

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. Pancham Dass Jain · Section 68 · trade creditors · purchases on credit · sundry creditors · cash credit addition · genuineness of purchases · Section 145(3) · creditworthiness · unexplained cash credit

Also reported as

156 Taxmann 507

Sections most often in play

Section 68Section 143(3)Section 142(1)Section 250Section 133(6)Section 143(2)Section 115BBESection 131

Issues it is cited on

trade creditorssection 44afsection 262sundry creditorsinadequate enquirycreditworthiness of the creditoraddition under section 68revision u/s 263non application of mindlack of enquirysection 263(1)rejection of books of account

Judgments citing CIT v. Pancham Dass Jain

M/S Abhijeet Enterprise Ltd., Kolkata vs. ITO, Ward 2(2), Kolkata

In the result the appeal of the assessee is allowed for statistical purpose

ITA 308/KOL/2017[2013-14]Status: DisposedITAT Kolkata27 Mar 2019AY 2013-14

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 68

…e are, therefore, of the opinion that no substantial question of law arises for consideration in this case. The appeal is accordingly dismissed. " 17. We also rely on the decision of the Hon'ble Allahabad High Court in the case of CIT -vs.- Pancham Das Jain (205 CTR 444) wherein it was held as under: 6. We have heard Sri Shambhoo Chopra, learned standing counsel for the revenue. 7. He submitted that as the respondent-assessee was unable to produce the alleged creditors the provisions of section 68 of the Act was squarely attracted in the present case and the assessing authority has rightly added the two amount…

M/S. Frolic Realty Private Limited, Indore vs. The ITO 3(3), Indore

In the result, these three appeals of by different assessees in ITANo

ITA 364/IND/2015[2010-11]Status: DisposedITAT Indore13 Feb 2019AY 2010-11

Bench: Hon'Ble I Kul Bharat & Hon'Ble Manish Boradassessment Year: 2010-11 Avocado Trading Company Private Ito 3(3) Limited Indore बनाम/ G.J. Shah & Company, Chartered Vs. Accountants 404, Manas Bhawan, 11 Rnt Marg, Indore-452001 (Appellant) (Revenue) Pan: Aagca4206K Assessment Year: 2010-11 Aspirant Mercantile Company Private Ito 3(3) Limited Indore बनाम/ G.J. Shah & Company,Chartered Vs. Accountants 404, Manas Bhawan, 11 Rnt Marg, Indore-452001 (Appellant) (Revenue) Pan: Aagca4207J

Section 143(3)Section 68

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON'BLE I KUL BHARAT, JUDICIAL MEMBER AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER Assessment Year: 2010-11 Avocado Trading Company Private ITO 3(3) Limited Indore बनाम/ G.J. Shah & Company, Chartered Vs. Accountants 404, Manas Bhawan, 11 RNT Marg, Indore-452001 (Appellant) (Revenue) PAN: AAGCA4206K Assessment Year: 2010-11 Aspirant Mercantile Company Private ITO 3(3) Limited Indore बनाम/ G.J. Shah & Company,Chartered Vs. Accountants 404, Manas Bhawan, 11 RNT Marg, Indore-452001 (Appellant) (Revenue) PAN: A…

M/S. Aspirant Mercantile Company Private Limited, Indore vs. The ITO 3(3), Indore

In the result, these three appeals of by different assessees in ITANo

ITA 363/IND/2015[2010-11]Status: DisposedITAT Indore13 Feb 2019AY 2010-11

Bench: Hon'Ble I Kul Bharat & Hon'Ble Manish Boradassessment Year: 2010-11 Avocado Trading Company Private Ito 3(3) Limited Indore बनाम/ G.J. Shah & Company, Chartered Vs. Accountants 404, Manas Bhawan, 11 Rnt Marg, Indore-452001 (Appellant) (Revenue) Pan: Aagca4206K Assessment Year: 2010-11 Aspirant Mercantile Company Private Ito 3(3) Limited Indore बनाम/ G.J. Shah & Company,Chartered Vs. Accountants 404, Manas Bhawan, 11 Rnt Marg, Indore-452001 (Appellant) (Revenue) Pan: Aagca4207J

Section 143(3)Section 68

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON'BLE I KUL BHARAT, JUDICIAL MEMBER AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER Assessment Year: 2010-11 Avocado Trading Company Private ITO 3(3) Limited Indore बनाम/ G.J. Shah & Company, Chartered Vs. Accountants 404, Manas Bhawan, 11 RNT Marg, Indore-452001 (Appellant) (Revenue) PAN: AAGCA4206K Assessment Year: 2010-11 Aspirant Mercantile Company Private ITO 3(3) Limited Indore बनाम/ G.J. Shah & Company,Chartered Vs. Accountants 404, Manas Bhawan, 11 RNT Marg, Indore-452001 (Appellant) (Revenue) PAN: A…

M/S. Avocado Trading Company Private Limited, Indore vs. The ITO 3(3), Indore

In the result, these three appeals of by different assessees in ITANo

ITA 362/IND/2015[2010-11]Status: DisposedITAT Indore13 Feb 2019AY 2010-11

Bench: Hon'Ble I Kul Bharat & Hon'Ble Manish Boradassessment Year: 2010-11 Avocado Trading Company Private Ito 3(3) Limited Indore बनाम/ G.J. Shah & Company, Chartered Vs. Accountants 404, Manas Bhawan, 11 Rnt Marg, Indore-452001 (Appellant) (Revenue) Pan: Aagca4206K Assessment Year: 2010-11 Aspirant Mercantile Company Private Ito 3(3) Limited Indore बनाम/ G.J. Shah & Company,Chartered Vs. Accountants 404, Manas Bhawan, 11 Rnt Marg, Indore-452001 (Appellant) (Revenue) Pan: Aagca4207J

Section 143(3)Section 68

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON'BLE I KUL BHARAT, JUDICIAL MEMBER AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER Assessment Year: 2010-11 Avocado Trading Company Private ITO 3(3) Limited Indore बनाम/ G.J. Shah & Company, Chartered Vs. Accountants 404, Manas Bhawan, 11 RNT Marg, Indore-452001 (Appellant) (Revenue) PAN: AAGCA4206K Assessment Year: 2010-11 Aspirant Mercantile Company Private ITO 3(3) Limited Indore बनाम/ G.J. Shah & Company,Chartered Vs. Accountants 404, Manas Bhawan, 11 RNT Marg, Indore-452001 (Appellant) (Revenue) PAN: A…

M/S Sangita Construction Co., Kolkata vs. ITO, WD-26(1), Kolkata

Appeal is allowed in above terms

ITA 354/KOL/2016[2010-2011]Status: DisposedITAT Kolkata30 Nov 2018AY 2010-2011

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2010-11 M/S Sangita V/S. Income Tax Officer, Construction Co. Pujali Ward-26(1), Ayakar Budge Budge, Bhawan Dakshin 2, Kolkata-700138 Gariahat Road (South), [Pa No.Aavfs 7245 L] Kolkata-68 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri A.K. Tibrwal, Fca अपीलाथ" क" ओर से/By Appellant Shri Sandeep Lakra, Addl. Cit-Sr-Dr ""यथ" क" ओर से/By Respondent 22-11-2018 सुनवाई क" तार"ख/Date Of Hearing 30-11-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2010-11 Challenges Correctness Of Commissioner Of Income Tax (Appeals)-7 Kolkata’S Order Dated 14.12.2015, Passed In Case No.262Cita-7R/Range-26/14-15, In Proceedings U/S. 143(3)/144 Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused. 2. The Assessee’S First Substantive Ground Seeks To Challenge Correctness Of Both The Lower Authorities’ Action Disallowing / Adding Its Transport Charges Of ₹28,12,459/- On Account Of Non-Deduction Of Tds. The Cit(A)’S Appeal Discussion Qua The Instant Issue Reads As Under:- “2.0 Ground No.2 Is Related To The Addition Of Rs.28,12,459/-. During The Course Of Assessment Proceedings The Assessing Officer Found That The Appellant Made Purchases Of Rs.16,60,901/- From Mr. Dinesh Gupta & Rs.11,51,558/- From M/S S. P Enterprise. The Enquiries Conducted By The A.O Revealed That The M/S S.P Enterprise Was Found To Be Non-Existent. Summons

Section 131Section 143(3)Section 40

…आयकर अपील"य अधीकरण, "यायपीठ – “B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri S.S.Godara, Judicial Member and Dr. A.L. Saini, Accountant Member Assessment Year :2010-11 M/s Sangita V/s. Income Tax Officer, Construction Co. Pujali Ward-26(1), Ayakar Budge Budge, Bhawan Dakshin 2, Kolkata-700138 Gariahat Road (South), [PA No.AAVFS 7245 L] Kolkata-68 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri A.K. Tibrwal, FCA अपीलाथ" क" ओर से/By Appellant Shri Sandeep Lakra, Addl. CIT-SR-DR ""यथ" क" ओर से/By Respondent 22-11-2018 सुनवाई क" तार"ख/Date of Hearing 30-11-2018 घोषणा क" तार"ख/D…

The Assisatant Commissioenr of Income-Tax, Hoshiarpur vs. Sh. Maninder Singh Cheema, Hoshiarpur

In the result, the Revenue’s appeal is partly allowed

ITA 719/ASR/2013[2007-08]Status: DisposedITAT Amritsar31 Jul 2018AY 2007-08

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 719/Asr/2013 Assessment Year: 2007-08

For Appellant: Sh. Rajeev K. Gubgotra (D.R.)For Respondent: Sh. Surinder Mahajan, (C.A.)
Section 131Section 143(3)Section 68Section 69

…IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR. BEFORE SH. SANJAY ARORA, ACCOUNTANT MEMBER AND SH. N. K. CHOUDHRY, JUDICIAL MEMBER I.T.A. No. 719/Asr/2013 Assessment Year: 2007-08 Asstt. Commissioner of Income Vs. Maninder Singh Cheema, Tax, Hoshiarpur Circle, H. No. 298, St. No. 20, Hoshiarpur Guru Nanak Nagar, Hoshiarpur [PAN: AEYPC 4778B] (Appellant) (Respondent) Appellant by : Sh. Rajeev K. Gubgotra (D.R.) Respondent by: Sh. Surinder Mahajan, (C.A.) Date of Hearing: 26.06.2018 Date of Pronouncement: 31.07.2018 ORDER Per Sanjay Arora, AM: This is an Appeal by the Revenue directed aga…

Panchsheel Buildtech Pvt. Ltd., Noida vs. DCIT, Ghaziabad

Appeals are partly allowed

ITA 5087/DEL/2016[2009-10]Status: DisposedITAT Delhi22 Jun 2017AY 2009-10

Bench: Shri I. C. Sudhir & Shri O. P. Kanti.T. Appeal Nos. 5087 To 5091/Del/2016 Assessment Years : 2009-10 To 2013-14 Panchsheel Buildtech Pvt. Ltd., Dcit, H–169, Sector : 63, Vs. Central Circle, Noida [U.P.] Ghaziabad. Pan : Aaecp 3492 N A N D I.T. Appeal Nos. 5062 To 5066/Del/2016 Assessment Years : 2009-10 To 2013-14 Panchsheel Realtech Pvt. Ltd., Dcit, H–169, Sector : 63, Vs. Central Circle, Noida [U.P.] Ghaziabad. Pan : Aaecp 5726 F (Appellants) (Respondents) Assessee By : Shri Sanjay Mehra, C. A.; Department By : Ms. Paramita Tripathy, Cit [Dr]; Date Of Hearing : 27.03.2017 Date Of Pronouncement : 22.06.2017 O R D E R Per I. C. Sudhir, J. M. :

For Appellant: Shri Sanjay Mehra, C. AFor Respondent: Ms. Paramita Tripathy, CIT [DR]
Section 153A

…not found on the addresses given. Non-availability of the parties cannot be a ground for doubting the genuineness of the claimed purchases. In support he placed reliance on the following decisions :- (i) 220 Taxman 17 (Guj.); (ii) CIT Vs. Panchamdas Jain 205 CTR 444 (All.); (iii) Sri Ganpatraj A. Sanghavi Vs. ACIT, ITA. No. 2826/Mum/2013 (A.Y. 2009-10) [order dated 5.11.2014]; (iv) Nisraj Real Estate and Export (P) Ltd. Vs. ACIT, 209 – (031) – DTR – 0456 – TJAI; (v) CIT Vs. Adinath Industries (2001) 252 ITR 476 (Guj.) [SLP dismissed] reported in 247 ITR (St.) 35; (vi) ACIT Vs. D. M. Brothers, 2010 –…

Panchsheel Realtech Pvt. Ltd., Noida vs. DCIT, Ghaziabad

Appeals are partly allowed

ITA 5062/DEL/2016[2009-10]Status: DisposedITAT Delhi22 Jun 2017AY 2009-10

Bench: Shri I. C. Sudhir & Shri O. P. Kanti.T. Appeal Nos. 5087 To 5091/Del/2016 Assessment Years : 2009-10 To 2013-14 Panchsheel Buildtech Pvt. Ltd., Dcit, H–169, Sector : 63, Vs. Central Circle, Noida [U.P.] Ghaziabad. Pan : Aaecp 3492 N A N D I.T. Appeal Nos. 5062 To 5066/Del/2016 Assessment Years : 2009-10 To 2013-14 Panchsheel Realtech Pvt. Ltd., Dcit, H–169, Sector : 63, Vs. Central Circle, Noida [U.P.] Ghaziabad. Pan : Aaecp 5726 F (Appellants) (Respondents) Assessee By : Shri Sanjay Mehra, C. A.; Department By : Ms. Paramita Tripathy, Cit [Dr]; Date Of Hearing : 27.03.2017 Date Of Pronouncement : 22.06.2017 O R D E R Per I. C. Sudhir, J. M. :

For Appellant: Shri Sanjay Mehra, C. AFor Respondent: Ms. Paramita Tripathy, CIT [DR]
Section 153A

…not found on the addresses given. Non-availability of the parties cannot be a ground for doubting the genuineness of the claimed purchases. In support he placed reliance on the following decisions :- (i) 220 Taxman 17 (Guj.); (ii) CIT Vs. Panchamdas Jain 205 CTR 444 (All.); (iii) Sri Ganpatraj A. Sanghavi Vs. ACIT, ITA. No. 2826/Mum/2013 (A.Y. 2009-10) [order dated 5.11.2014]; (iv) Nisraj Real Estate and Export (P) Ltd. Vs. ACIT, 209 – (031) – DTR – 0456 – TJAI; (v) CIT Vs. Adinath Industries (2001) 252 ITR 476 (Guj.) [SLP dismissed] reported in 247 ITR (St.) 35; (vi) ACIT Vs. D. M. Brothers, 2010 –…

DCIT, Chennai vs. Olympic Cards Ltd., Chennai

In the result, the appeals of the Revenue in ITA

ITA 1212/CHNY/2014[2010-11]Status: DisposedITAT Chennai21 Sept 2016AY 2010-11

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri. Shiva Srinivasas, IRS, JCITFor Respondent: Shri. R. Venkatesh, C.A
Section 143(3)Section 194CSection 40

…cepted in the electronic mode involved in the process of assessment in VAT/CST Act is a valid ground in favour of the assessee’s claim. The case laws relied by the assessee especially that of the Allahabad High Court in the case of CIT vs. Pancham Dass Jain 156 Taxmann 507 support the plea of the assessee that the requirement of proof and conditions laid in Sec. 68 cannot be enforced in respect of creditors from whom purchases have been made. Accordingly, the ld. Commissioner of Income Tax (Appeals) deleted the addition of "1,12,14,192/-. Aggrieved by the Commissioner of Income Tax (Appeals) order, the Reve…

DCIT, Chennai vs. Olympic Cards Ltd., Chennai

In the result, the appeals of the Revenue in ITA

ITA 1211/CHNY/2014[2009-10]Status: DisposedITAT Chennai21 Sept 2016AY 2009-10

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri. Shiva Srinivasas, IRS, JCITFor Respondent: Shri. R. Venkatesh, C.A
Section 143(3)Section 194CSection 40

…cepted in the electronic mode involved in the process of assessment in VAT/CST Act is a valid ground in favour of the assessee’s claim. The case laws relied by the assessee especially that of the Allahabad High Court in the case of CIT vs. Pancham Dass Jain 156 Taxmann 507 support the plea of the assessee that the requirement of proof and conditions laid in Sec. 68 cannot be enforced in respect of creditors from whom purchases have been made. Accordingly, the ld. Commissioner of Income Tax (Appeals) deleted the addition of "1,12,14,192/-. Aggrieved by the Commissioner of Income Tax (Appeals) order, the Reve…

ACIT, Circle - 1, Asansol vs. M/S. Raja Transport, Asansol

In the result, the appeal of the revenue is dismissed

ITA 29/KOL/2012[2008-09]Status: DisposedITAT Kolkata20 Jul 2016AY 2008-09

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: Shri A. K. Sinha, JCIT, Sr. DRFor Respondent: Shri S. M. Surana, Advocate
Section 143(3)Section 194CSection 3Section 40

…1 Raja Transport, AY 2008-09 IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA [Before Shri M. Balaganesh, AM & Shri S. S. Viswanethra Ravi, JM] I.T.A No. 29/Kol/2012 Assessment Year: 2008-09 Assistant Commissioner of Income-tax, Vs. M/s. Raja Transport Circle-1, Asansol (PAN: AADFR9840A) (Appellant) (Respondent) Date of hearing: 13.07.2016 Date of pronouncement: 20.07.2016 For the Appellant: Shri A. K. Sinha, JCIT, Sr. DR For the Respondent: Shri S. M. Surana, Advocate ORDER Per Shri M. Balaganesh, AM: This appeal by revenue is arising out of order of CIT(A), Asansol vide appeal No. 138/CIT(A)/Asl/…

M/S Gupta Metal Sheet (P) Ltd., Delhi vs. DCIT, Faridabad

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 1926/DEL/2013[2010-11]Status: DisposedITAT Delhi04 Mar 2016AY 2010-11

Bench: Sh. I.C. Sudhir & Sh. O.P. Kantassessment Year: 2010-11

Section 132Section 143(2)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘C’: NEW DELHI BEFORE SH. I.C. SUDHIR, JUDICIAL MEMBER AND SH. O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2010-11 M/s. Gupta Metal Sheet (P) Ltd, Vs. DCIT, Circle-II, Faridabad Room No. 2, 1st Floor, 5948- 5489, Bati Harpool Singh, Delhi. (PAN: AABCG0343G) (Appellant) (Respondent) Appellant by Sh. Satyen Sethi, Adv. Respondent by Sh. A.K. Saroha, CIT(DR) Date of hearing 18.01.2016 Date of pronouncement 04.03.2016 ORDER PER O.P. KANT, A.M.: This appeal of the assessee is directed against the order dated 07.01.2013 of ld. Commissioner of Income Tax (Central)…

ITO, New Delhi vs. Sh. Kaushalendra Agarwal, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 2749/DEL/2012[2007-08]Status: DisposedITAT Delhi04 Dec 2015AY 2007-08

Bench: : Shri I.C. Sudhir & Shri L.P. Sahu

For Appellant: Ms Richa Rastogi, Sr. DRFor Respondent: Shri Rajeev Saxena, Adv
Section 143(1)Section 143(2)

…anding in the names of parties from whom the purchases were made. Reliance is placed on the following decisions : (i). ACIT vs. Bahri Bros. Pvt. Ltd. 154 ITR 244 (Pat) (ii). Mather Platt (India) Ltd. vs. CIT, 168 ITR 493 (Cal.) (iii). CIT vs. Pancham Das Jain 205 CTR 444 (All.) (iv). Shree Nashik Panchvati Panjarpole vs. DIT (Exemptions) 26 DTR 113 (Bombay) (v). CIT vs. Ritu Anurag Aggarwal reported in (2012) DTLONLINE 134 (Del.) (vi) ITO vs. Zazsons Exports Ltd. 153 ITD 1 (Lko-TM) (vii). CIT vs. M/s Nikunj Exim Enterprises P. Ltd. 372 ITR 619 (Bom.) It was also submitted that the AO had power to summon the part…

D.C.I.T Cir - 6, Kolkata. vs. M/S Sangam Shree Collections (P) Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

ITA 295/KOL/2013[2009-10]Status: DisposedITAT Kolkata15 Oct 2015AY 2009-10

Bench: : Shri M. Balaganesh

For Appellant: Shri A.K.Tibrewal,FCA ld.ARFor Respondent: Shri D.Lahiri,JCIT, ld.DR
Section 133(6)Section 143(3)

…and trading results of the assessee. We find that the case law relied on by the Learned CITA on the decision of ITA No. 295/Kol/2013-C-AM 4 M/s. Sangam Shree Collections P.Ltd Hon’ble Allahabad High Court in the case of CIT vs Pancham Dass Jain reported in 205 CTR 444 is well placed. In that case, their Lordships had held as under:- “The tribunal has recorded a categorical finding of fact based on appreciation of materials and evidence on record that the AO had accepted the purchases, sales as also the trading result disclosed by respondent asessee. It had recorded a finding that the aforesaid two amounts rep…

ACIT, Circle - 1, Asansol vs. Ashirbad Real Estate & Transport Pvt. Ltd., Asansol

In the result, the cross objection of the assessee in CO 1/2012 is dismissed and revenue appeal in ITA No

ITA 1591/KOL/2011[2008-09]Status: DisposedITAT Kolkata18 Sept 2015AY 2008-09

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am] Assessment Year : 2008-09 (Appellant ) (Respondent) A.C.I.T., Circle-1, -Versus- Ashirbad Real Estate & Asansol Transport Pvt.Ltd. Burdwan (Pan:Aaeca 8075 C) C.O.No.1/Kol/2012 A/O Ita No.1591/Kol/2011 Assessment Year : 2008-09 Ashirbad Real Estate & -Versus- A.C.I.T., Circle-1, Transport Pvt.Ltd., Burdwan Asansol (Pan Aaeca 8075 C) (Cross Objector) (Respondent) For The Appellant : Shri S.S.Alam, Cit (Dr) For The Respondent : Shri Aravind Agarwal, Advocate Date Of Hearing : 10.09.2015. Date Of Pronouncement : 18.09.2015. Order Per Shri M.Balaganesh, Am 1. This Appeal Of The Revenue & Cross Objection Of The Assessee Arises Out Of The Order Of The Learned Cit(A) In Appeal No142/Cit(A)/Asl/Range-1/Asl/10-11 Dated 27.09.2011 For The Asst Year 2008-09 Arising Out Of The Order Of The Learned Assessing Officer Framed U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As The ‘Act’).

For Appellant: Shri S.S.Alam, CIT (DR)For Respondent: Shri Aravind Agarwal, Advocate
Section 143(3)Section 271CSection 40

…ss. As stated above I do not find the facts of the cases cited by the A.O. to be applicable to the facts of the appellant’s case. On the other hand reference can be made here to the decision of the Hon’ble Allahabad High Court in the case of Pancham Das Jain [205 CTR 444] wherein, on similar facts, addition of trade creditors has been directed to be deleted. Accordingly, the addition made by the A.O. is directed to be deleted. This ground of appeal is allowed.” Aggrieved, the revenue is in appeal before us on the following ground:- “ 2. That on the facts and in the circumstances of the case, the Learned CIT(Appe…