KANCHAN PLASTICS PRIVATE LIMITED,CUTTACK vs. DEPUTY COMMISSIONER OF INCOME TAX ASMNT CIRCLE-2(1), CUTTACK
In the result, appeal filed by the assessee stands allowed
ITA 198/CTK/2022[2017-18]Status: HeardITAT Cuttack22 Mar 2023AY 2017-18
Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2017-18 Kanchan Plastics Pvt Ltd., Kanchan Plastics Pvt Ltd., Vs. Dcit, Asmnt Circle Dcit, Asmnt Circle-2(1), 222, Banka Bazar, Cuttack 222, Banka Bazar, Cuttack Cuttack Pan/Gir No. Pan/Gir No. (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri Mohit Sheth, Ar Mohit Sheth, Ar Revenue By : Shri S.C.Mohanty, Sr. S.C.Mohanty, Sr. Dr
For Appellant: Shri Mohit Sheth, ARFor Respondent: Shri S.C.Mohanty, Sr
Section 133(6)Section 68
131, by the alleged creditors will not be sufficient to draw an adverse inference against the assessee. In the case of six creditors who appeared before the Assessing Officer and whose statements were recorded by the Assessing Officer, they have admitted having advanced loans to the assessee by account payee cheques and in case the Assessing Officer was not satisfied
