Penalty cannot be imposed on disallowance of creditors for want of address verification

Kishor A. Sewani Vs ITO (ITAT Ahmedabad) We have heard the rival contentions and perused the materials available on record. In the present case, the assessee has shown sundry creditors of Rs. 8,20,652 as on 31-3-2011. The assessee failed to furnish the present current address of the parties to the assessing officer during the assessment proceedings. Therefore, the same was treated by the assessing officer as bogus. Accordingly, the addition was made to the total income of the assessee. However, the Assessee during the assessment proceedings claimed to have accepted the addition made by the ass...