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AO cannot confirm addition ignoring on record confirmation without issuing section 131 summon
Case Law Details
- Case Name
- Suraj Stones Corporation Ltd. Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Bangalore
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Suraj Stones Corporation Ltd. Vs ITO (ITAT Bangalore)
Without issuing summons under section 131 of the Act to a party who filed confirmation, no adverse inference can be drawn by the AO.
It is clear from the orders of the revenue authorities that they not made any reference to the documentary evidence filed by the assessee. The case of the Revenue appears to be that M/s. Sneha International was rotating cash by transferring funds to various entities. M/s. Sneha International received cash and thereafter transfered funds to M/s. Sherawali Corporation and M/s. Venkata Industries...
