Delhi HC upholds addition for unpresented cheques as bogus credits

Harsha Associates Private Limited Vs DCIT (Delhi High Court) In a significant ruling, the Delhi High Court has dismissed an appeal filed by Harsha Associates (P.) Ltd. (the Assessee) against an order of the Income Tax Appellate Tribunal (ITAT), which had largely upheld the addition made by the Assessing Officer (AO) for unpresented cheques treated as bogus credits. The case, focusing on the assessment year 2007-08, centered on the Assessee’s reflection of substantial liabilities to banks that were not corroborated by bank statements. Read SC Judgment: SC Affirms Addition After Assessee...