Trade payable duly explained hence addition u/s 68 unjustified

ITO Vs Shri Mahalakshmi Metal (ITAT Chennai) ITAT Chennai held that trade payable appearing in the books of accounts duly explained. Accordingly, addition towards the same u/s 68 of the Income Tax Act is unjustified and liable to be deleted. Facts- During the course of assessment proceedings, AO noticed that there is an increase in Trade payables when compared to previous financial year, even though there is no activities carried out by the assessee for the impugned assessment year. Therefore, AO called upon the assessee to file necessary details and justification for increase in trade payable...