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In the result, the appeal filed by the Revenue in ITA
Bench: SHRI INTURI RAMA RAO (Accountant Member), SHRI PARTHA SARATHI CHAUDHURY (Judicial Member)
5. The Assessing Officer brought to tax the outstanding sundry creditors of Rs.7,07,68,721/- merely on the ground that the outstanding for a substantially long period of time, these amounts were stagnant and no transactions took place. The assessee company had failed to file the confirmation from these parties. The submission of the assessee company that these amounts