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AO cannot disallow Sum credit in books under Section 68
Case Law Details
- Case Name
- Shri Hitesh Kumar Gupta Vs ITO (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004-05 & 2005-06
- Courts
- All ITAT, ITAT Jaipur
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Shri Hitesh Kumar Gupta Vs ITO (ITAT Jaipur)
The issue under consideration is whether the addition made by AO u/s 68 of Income tax Act, 1961 is justified in law?
In the present case, the Assessing Officer made the addition of capital employed in the business U/s 68, on the ground that the assessee must be requiring the funds to run the business as he makes credit sales.
ITAT states that the Assessing Officer made the addition U/s 68 on the ground that sales are made on credit basis and funds would be required/tied up in sundry debtors. In our view, such an addition cannot be sustained by invok...
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