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2022 (8) TMI 903 - AT - Income TaxAddition u/s 68 - Unexplained sundry creditors - HELD THAT:- Amount was received through circular trading from Compact Agencies to M/s. SSK Ispat and Power Ltd., to the assessee. In this transaction, AO was unable to verify by issuing notice u/s.133(6) to the party. So accordingly, the addition was made u/s.68. Appellate Authority during the appeal proceedings did not take proper consideration to verify this party in respect of this transaction. Lack of verification was adjudicated by the ld. CIT(A). Where the existence & credentialism of the party in question the section 68 will start to play. In any case, un-verified sundry creditors cannot be allowed for deletion of Section 68. So, accordingly, the addition is setting aside to the ld. CIT(A) for further adjudication considering the above-mentioned discussion of ITAT. Needless to mention that the assessee should get a reasonable opportunity for redressal of the grievance. Appeal of the Revenue is allowed for statistical purposes
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