Addition u/s 69B relating to difference in sundry debtors - On ...

Section 69B: Assessee's Explanation for Inflated Debtor Balances Accepted Due to Lack of Contradictory Evidence.

February 25, 2021

Case Laws Income Tax AT

Addition u/s 69B relating to difference in sundry debtors - On clarification sought by the AO, the assessee had explained the difference stating that the list of debtors with inflated balances was furnished to the bank for better credit facilities and the practice is prevalent in business community. The explanation appears to be correct, since, no other corroborative evidence is available to disprove the submission of the assessee. Though the list of sundry debtors obtained from the bank is source of information, the same cannot be a conclusive proof without having corroborative evidence to treat the difference as income. - AT

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Addition u/s 69B relating to difference in sundry debtors - On ...

Section 69B: Assessee's Explanation for Inflated Debtor Balances Accepted Due to Lack of Contradictory Evidence.

February 25, 2021

Case Laws Income Tax AT

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