Addition u/s 68 - Credit balance pertaining to sundry creditors ...

Case Laws Income Tax

March 18, 2023

Addition u/s 68 - Credit balance pertaining to sundry creditors - by disallowing only balance outstanding of these parties as at the end of the year, the Revenue has both accepted purchases as genuine with respect to balance that are not outstanding, while at the same time holding them to be ingenuine or bogus in relation to purchases whose balances are outstanding at that end of the year. The department has therefore taken a contradictory stand on the issue by disallowing only outstanding balances of sundry creditors finding them to be bogus. - AT

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Addition u/s 68 - Credit balance pertaining to sundry creditors ...

Case Laws Income Tax

March 18, 2023

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