During the assessment proceedings, the Assessee fails to provide confirmation of 04 creditors and the AO added the whole amount of creditors to its income. During the proceedings before the CIT(A), the assessee submits that all the transactions are genuine and the same are through banking channel. Also, parties have confirmed the transactions and filed confirmations, but, after completion of the assessment.
Thus, ITAT set aside the Orders of the authorities below and restore the matter in issue to the file of A.O. with a direction to re-decide this issue by considering the documentary evidences on record and by giving reasonable, sufficient opportunity of being heard to the assessee.