Dismissing the appeal of the revenue the Court held that there was material on record which also suggested that the confirmations from the trade creditors were received and filed by the assessees though there were contradictory findings by the Assessing Officer. Relied CIT v. Chase Bright Steel Ltd. (No. 2) [1989] 177 ITR 128 (Bom.)(HC). (AY. 2002-03)
PCIT v. Ajit Ramakant Phatarpekar (2020) 429 ITR 319 / 196 DTR 296 /( 2021 ) 277 Taxman 543 (Bom.)(HC) PCIT v. Neelam Ajit Phatarpekar (2020) 429 ITR 319 / 196 DTR 296/ (2021 ) 277 Taxman 543 (Bom.)(HC)
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Confirmation was filed-Deletion of addition is held to be justified.