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AO’s Suspicion Not Evidence: Section 68 not Apply to Opening Balances
Case Law Details
- Case Name
- Raj Kumar Daga HUF Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Delhi
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Raj Kumar Daga HUF Vs ACIT (ITAT Delhi)
AO’s Suspicion Not Evidence- Commission Payments Genuine- Section 68 Cannot Apply to Opening Balances
Assessee, proprietor of M/s Gappu Ispat, engaged in trading of iron & steel, filed returns declaring income of Rs.31,20,070 for AY 2013-14. In scrutiny, AO disallowed Rs.49,51,599 out of total commission of Rs.1,25,90,385 alleging bogus payments—seven parties did not appear, notices returned unserved, & explanations of three parties were rejected. AO assessed income at Rs.80,71,670. Ld. CIT(A)/NFAC confirmed the additions.
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