The tribunal found that the AO and CIT(A) had not adequately verified the confirmation letters provided by the assessee, leading to the removal of these amounts from the assessed income
The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the additions of Rs. 90,79,428 and Rs. 29,60,999 related to sundry creditors due to insufficient verification efforts by the Assessing Officer ( A O ) and Commissioner of Income Tax ( Appeals ) [CIT(A)]. Sha Thanmal Sukhraj Jain & Co.,the appellant-assessee,filed a return…
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