Case Law Details
Case Name : Sanjay Sharma Vs. ACIT (ITAT Delhi)
Related Assessment Year : 2015-2016
Courts :
All ITAT ITAT Delhi
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Sanjay Sharma Vs. ACIT (ITAT Delhi)
Assessing Officer has accepted not only he sales figures but has also accepted that total purchases. Under accounting principles, a liability can only be brought into account by a credit entry in the books of account in favour of the person to whom the money is payable’ Thus, there is marked difference between a credit representing a liability payable by the assessee and a credit representing monies received from another person. It is because of this distinction, a liability for purchase which has been credited in the account of the supplier cannot be ...
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Very nice coverage of cases