Yashpal Budhiraja, New Delhi V. ACIT, New Delhi

ITA 1407/DEL/2016

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 7078 (ITAT-DELHI)
• Duration Of Justice: 9 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-01-2017
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC 3
• Next Hearing Date: 21-09-2016
• Assessment Year: 2011-2012
• Appeal Filed On: 14-03-2016
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: AMRIT LAL
• Assessee Lawyers: MOHIT
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH SMC - 3 , NEW DELHI BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER ITA NO. 1 407 /DEL/201 6 AY: 20 11 - 12 SH. YASHPAL BUDHIRAJA VS. ACIT, CIRCLE 53(1) SHOP NO.110, INA MARKET NEW DELHI NEW DELHI 110 023 (APPELLANT) (RESPONDENT) APPELLANT BY : SH. MOHIT, ADV. RESPONDENT BY : SH. A MRIT LAL, SR.D.R. ORDER THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED AGAINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) - 1 8 , NEW DELHI DT. 2 9 .01.201 6 PERTAINING TO THE ASSESSMENT YEAR (A.Y.) 20 11 - 12 ON THE FOLLOWING EFFECTIVE GROUND. 2. THAT IN FACTS AND CIRCUMSTANCE OF THE CASE LD.CIT(A) ERRED IN CONFIRMING ADDITION IN RESPECT OF M/S L - COMPS & IMPEX (P) LTD AMOUNTING TO RS.3,32,189/ - WITHOUT CONSIDERING THE CONFIRMATION, INCOME TAX RETURN AND COPY OF PAN FILED DURING THE APPELLATE PROCEEDING. HE HAS ERRED IN SUSTAINING ADDITION IN RESPECT OF M/S L - COMPS & IMPEX (P) LTD. PARTICULARLY WHEN ADDITION IN RESPECT OF M/S COSMOS INTERNATIONAL ON THE SAME GROUND WAS DELETED. 2. THE AD DITION IN QUESTION THAT IS IN DISPUTE IS AN OUTSTANDING BALANCE FROM M/S L - COMPS & IMPEX (P) LTD WHICH IS A SUNDRY CREDITOR . T HIS CREDIT ARISES ON ACCOUNT OF CERTAIN CREDIT PURCHASES MADE BY THE ASSESSEE . THE ASSESSEE HAS FURNISHED THE CONFIRMATION FROM THE PARTY , ITS PAN ITA 1407/DEL/2016 A.Y. 2011 - 12 SHRI YASHPAL BUDHIRAJA, NEW DELHI NUM BER AND COPY OF THE INCOME TAX RETURN OF THIS PARTY . T HE F IRST A PPELLATE A UTHORITY HAD O N SIMILAR DETAILS FILE D IN THE CASE OF M/S COSMOS INTERNATIONAL LIMITED , WHICH IS ANOTHER SUNDRY CREDITOR , DELETED THE ADDITION. UNDER SUCH CIRCUMSTANCES , THE AD DITION SUSTAINED IN THIS CASE HAS TO BE NECESSARILY DELETED . THIS IS A CASE OF S UNDRY CREDIT OR ARISING OUT OF PURCHASES . WHEN THE PURCHASES ARE ACCEPTED AND DETAILS HAVE BEEN FILED AS REGARDS T HE I DENTITY OF THE PARTY AND GENUINENESS OF THE TRANSACTION , AND WHEN BILLS AND VOUCHER S EVIDENCING THE PURCHASES HAVE BEEN FURNISHED, THE ADDITION CANNOT BE MADE UNDER SECTION 68 OF THE A CT . THUS THIS EDITION IS HEREBY DELETED . 3 . IN THE RESULT THE APPEAL OF THE ASSESSEE IS AL LOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 05 TH JANUARY, 2017. SD/ - (J.SUDHAKAR REDDY) ACCOUNTANT MEMBER DATED: THE 05 TH JANUARY, 2017. *MANGA ITA 1407/DEL/2016 A.Y. 2011 - 12 SHRI YASHPAL BUDHIRAJA, NEW DELHI COPY OF THE ORDER FORWARDED TO: 1. APPELLANT ; 2.RESPONDENT; 3.CIT; 4.CIT(A); 5.DR; 6.GUARD FILE BY ORDER ASST. REGISTRAR