In the set aside proceedings the Assessing Officer directed the assessee to produce creditors for verification of loan repayments. The assessee did not produce farmers from whom he had borrowed unsecured loan nether filed any fresh affidavit. The Court held that since assessee failed to comply with directions of Tribunal, addition were justified. (AY. 2007-08)
Unideep Food Processing (P.) Ltd. v. ITAT (2023) 457 ITR 552 / 292 Taxman 213/ 331 CTR 345/ 223 DTR 485 (Orissa)(HC)
S. 68 : Cash credits-Failure to produce the farmers from whom the loan was taken-Direction of the Tribunal is not complied with-Order of Tribunal confirming the addition is affirmed. [S. 254((1), 260A]