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AO cannot treat trading liabilities as unproved on presumptions
Case Law Details
- Case Name
- Smt. G. Vijaya Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08 & 2008-09
- Courts
- All ITAT, ITAT Bangalore
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Smt. G. Vijaya Vs DCIT (ITAT Bangalore)
The admitted fact is that the outstanding liability of Rs.11.04 crores disclosed by the assessee in the balance sheet as on 31.3.2008 pertains to trading liabilities and they arise out of trading results. The AO has considered the amount of Rs.1,72,75,247/- only, as not arising out of trading results. There is no dispute with regard to the fact that the assessee has maintained books of accounts and the Balance sheet has been prepared out of the book results only. The Ld. A.R. also submitted that the assessee was also handicapped in provi...
