Distinction Between Liabilities and Monies u/s 68 Crucial for Unexplained Sundry Creditors in Income Tax Act.

Unexplained sundry creditors u/s. 68 - there is a marked difference between the credit representing a liability payable by the assessee and a credit representing monies received from another person - It is because of this distinction a liability for purchase cannot be added u/s. 68. .....

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