CIT can set aside 143(3) assessment if creditors not been verified during the Assessment

Southern Metals & Alloys Vs. ACIT (ITAT Chennai)- The assessing authority had asked for details in respect of various creditors and in respect of the above stated trade creditors. The assessee had not furnished any particulars before the assessing authority. No confirmations were made by creditors also. On an examination of the records of the case, we find that even though the assessing authority had initiated the process of verifying the genuineness of the trade creditors, he has not brought that process to a logical end. Even though he has raised the issue of trade creditors in the cour...