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2017 (10) TMI 871 - ITAT DELHIAddition u/s 68 - amount received from the party during the year through various cheque - Held that: - The Assessing Officer made the addition by summing up all the receipts from this customer and ignoring that the assessee had also effected sales to it through various transactions. Genuineness of such sales transactions has not been doubted by the AO - it is not convincing as to how an addition u/s 68 of the Act can be made for the amounts received from a customer to whom regular sales have been made during the year. It is, ergo, held that the addition was wrongly made and sustained. Addition deleted - appeal allowed.
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