Addition u/s 68 - AO rightly neutralise the difference amount of ...

Tax Officer Treats Fake Sales as Cash Credit u/s 68; Addition and Penalty Confirmed for Fictitious Transactions.

January 12, 2023

Case Laws Income Tax AT

Addition u/s 68 - AO rightly neutralise the difference amount of profit arisen out of fictitious purchase and sales.We further confirm his action u/s 68 treating the sales receipt as cash credit as defined in sec 68. AO rightly observed that in the garb of sales it is assesses own money which he introduced as sales. - Additions confirmed with penalty - AT

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Addition u/s 68 - AO rightly neutralise the difference amount of ...

Tax Officer Treats Fake Sales as Cash Credit u/s 68; Addition and Penalty Confirmed for Fictitious Transactions.

January 12, 2023

Case Laws Income Tax AT

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