The Income Tax Appellate Tribunal (ITAT) adjudicated on various additions made by the Assessing Officer...

The Income Tax Appellate Tribunal (ITAT) adjudicated on various additions made by the Assessing Officer (AO) as unexplained/bogus credits or trading liabilities. The Tribunal held that the amount representing payment to a contractor, M/s Growfast Realtors (P) Ltd, was duly proved and the addition as unexplained credits was unsustainable. Regarding payment to M/s Sarda Vanijya (P) Ltd, supported by an accountant's certificate and TDS deduction, the Tribunal accepted it as a business payment and deleted the addition as unexplained credits. For small trading liabilities where the assessee could not furnish documents for two parties, the Tribunal favored the assessee based on preponderance of probabilities and deleted the addition. For trading ..... .....

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