- (1.) By Court: Heard learned Counsel for the parties.
(2.) The following substantial question of law is involved in this appeal: Whether the Income Tax Appellate Tribunal, Circuit Bench, Ranchi was justified in reversing the order passed by the C.I.T.(A) dated 26.12.2008 and in upholding the assessment order dated 26.12.2007 when the assessing officer itself rejected the books of accounts of the Assessee after holding that the transaction shown in the name of Sundry Creditors were not genuine yet the assessing officer instead of proceeding to determine the assessment Under Section 144 proceeded to add the Sundry Creditor's amount in the income of the Assessee Under Section 68 of the Income Tax Act?
(3.) Learned Counsel for the Appellant vehemently submitted that the Appellant Assessee discharged all its obligations to justify the entries made in the books of accounts showing the credit balance as Sundry Creditors amounts of 12 persons by disclosing the identity of those persons who supplied the materials to the Appellant and admittedly the Appellant is the contractor engaged in the construction activities and out of 12 persons 8 persons were summoned Under Section 131 of the Act of 1961 by the Assessing Officers and they have deposed that they have supplied the materials to the Assessee.;