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2020 (1) TMI 955 - AT - Income TaxAddition u/s 68 - addition being the amount outstanding in the name of the three sundry creditors - HELD THAT:- Since the assessee in the instant case, has filed the various details giving the statement of account, confirmation, etc., and has substantiated that the said sundry creditors were paid in the subsequent year through banking channels and that the assessee has had regular transactions with the same parties in the subsequent years which were not doubted by the Revenue and considering the fact that the trading results shown by the assessee for the impugned year have not been disturbed by the AO, therefore, in the light of the above discussion and relying on the decisions cited (supra), we hold that the addition made by the AO u/s 68 of the Act in respect of the three sundry creditors which has been sustained by the CIT(A) is not justified. We accordingly set aside the order of the CIT(A) and direct the AO to delete the addition. The grounds raised by the assessee are allowed.
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