Mere Non-receipt of confirmation from sundry creditors cannot result into addition

Sudarshan Nirman Co Vs ITO Ward 3(5) (ITAT Mumbai) ITAT Mumbai held that non-receipt of confirmation from the sundry creditors under section 133(6) of the Income Tax Act cannot result into addition since parties are identified, transaction of purchase of land is accepted and reason for outstanding amount is explained. Facts- The assessee is a partnership firm carrying on the business of builders and developers, filed its return of income at a total income of Rs.3,10,736/-. This return was processed and taken up for scrutiny under limited scrutiny and the reason of scrutiny was large investment...