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2022 (11) TMI 541 - AT - Income TaxAddition u/s 68 - repayment of loan from Mamta Mohta during the year which was given in the earlier year - HELD THAT:- The case of the assessee is squarely covered by the various other decisions of the Co-ordinate Benches namely ITO vs. Zazsons Exports Ltd. [2015 (4) TMI 747 - ITAT LUCKNOW] and Gulf Steel & Minerals [2018 (5) TMI 627 - ITAT RANCHI] wherein the Co-ordinate Benches have held that no addition can be made in respect of sundry creditor where sundry creditors related to the purchases which are accepted by the AO. The Co-ordinate Benches have held that without rejecting the purchases, the sundry creditor cannot be treated as the income of the assessee besides holding that the application of Section 68 to make addition in respect of current purchases is wholly arbitrary and against the law. Moreover the G.P. addition has already been made.In view of these facts and circumstances and detailed finding given by the Ld. CIT(A) and the ratio laid down in the various decisions as discussed hereinabove ,we are inclined to uphold the order of Ld. CIT(A). Consequently ground no. 1 raised by the revenue is dismissed.
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