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2017 (11) TMI 204 - ALLAHABAD HIGH COURTBogus purchases - Held that:- As considered the rival submissions and perused the material on record. In our view, the addition u/s 68 cannot be made so far as these liabilities are concerned. Section 68 reads as under:- Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory the sum so credited may be charged to income-tax as the income of the assessee of that previous year. Tribunal is justified in upholding the order of CIT(A) in deleting the addition.
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