Case Law Details
A.O. In his assessment order has stated that the impounded disc. containing the books of accounts under JR-I & JR-2 from where the cash payments on 31.03.2008 were found, were not manually entered as apparent from the printout. The entries were computerized, not manual. Furthermore, as stated in the submissions dated 24.12.2010, it is not tenable as during the survey, no corroborative evidence and documents were found in support of assessee’s claim from business premises. The same has been repeated by the AO in the Remand Report also. But to that contrary it is observed from the ledger account filed by assessee as reported in the preceding paragraphs and the assessee’s contentions also is that the ld. CIT(A) should have considered that all the parties from whom the assessee purchased goods, were old and regular parties with whom assessee maintains current account regularly. The Ld. CIT (A) should have also considered the Tax Audit Report which shows that” the assessee firm has maintained Cash Book Bank Book, General Ledger, Party Ledger, Sales / Purchase Register, Journal & Stock Book Manual & Computer System”. Therefore, we set aside the order of the revenue authorities on this issue and direct AO to verify the entries made in the ledger account of 14 parties as mentioned in the paper book and if it is found that the payments as recorded in the ledger account are tallying with the cash book, then in our considered opinion, no addition is required to be made by placing reliance on the computer statements which are not having any corroborative evidences.
INCOME TAX APPELLATE TRIBUNAL, KOLKATA
ITA No.145/Kol/2012 – Assessment Year: 2008-09
M/s. Shalimar Floors Kolkata
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