Provisions of Section 68 Cannot be applied to Sundry Creditor

DCIT Vs Allied Infra suppliers (ITAT Cuttack) FACTS – Rejected claim of sundry creditor of INR 4,42,82,877 since the assessee failed to provide details and documents to prove the genuineness of the same. Addition was made u/s 68 Disallowance u/s 40(a)(ia) – Assessee paid INR 1070713 to M/s. Monalisa without deducting TDS and hence AO disallowed INR 1070713 u/s. 40(a)(ia). Assessee submitted that TDS is deducted and deposited the amount to Government on 29.09.2012 i.e. before the due date of furnishing return of income u/s 139(1). Disallowance as per provisions of section 40A(3) – Expendi...