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Addition cannot be justified u/s 68 merely because creditors were not produced before AO
Case Law Details
- Case Name
- M/s Hind Globe Links Vs Income Tax Officer (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Delhi
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Brief Facts and Question of Law:
Brief Facts of the Assessee:
The Assessee was engaged in the manufacturing of readymade garments and export to foreign countries. The Assessee had filed the Income Tax Return, declaring an income of Rs. 11,82,236/- which was processed u/s 143(1) of the Income Tax Act, 1961 (hereinafter referred to as “the Act”). When the case was selected for scrutiny, the Assessing Officer (hereinafter referred to as “the AO”) noticed that the Gross Profit ratio was lesser as compared to last year. Also the AO selected nine creditors for which he required confirmed co...
