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Income Tax - Highlights / Catch Notes

Home Highlights October 2022 Year 2022 This

Addition u/s 68 - credit entries reflecting creditors for ...

Income Tax

October 22, 2022

Addition u/s 68 - credit entries reflecting creditors for purchases of goods - The onus is on the assessee to prove the identity of these persons, the means of these persons to have allowed these credits to the assessee, and the genuineness of the transactions leading to these credits. On each of these counts, the assessee has miserably failed in discharging his onus. - AT

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