Addition for mere Absence of confirmations from Creditors & for differences without considering reconciliations

Supreme Concrete & Infrastructure Pvt Ltd. Vs ACIT (ITAT Cuttack)

It is admitted position that the loan from Sinclair Builders Pvt Ltd., has been obtained by account payee cheque. Confirmation, copy of account as well as the bank statement of the creditor has also been furnished. The assessee has also deducted TDS on the interest amount and the tax has also been deducted at source. The creditor is also assessed to tax. The AO found the difference between the account of the assessee and information obtained through invoki

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