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Old Trade Payables Cannot Be Taxed Again Under Section 68: ITAT Chennai
Case Law Details
- Case Name
- Arusuvai Food Processors Pvt. Ltd. Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Chennai
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Arusuvai Food Processors Pvt. Ltd. Vs ITO (ITAT Chennai)
No Fresh Credit, No 68- No 68 Addition on Old Balances- Audited Brought-Forward Liabilities Cannot Be Taxed Again u/s 68
The Assessee, engaged in trading of pulses & food grains, appealed against additions u/s 68 & penalty u/s 271(1)(c).
AY 2015-16 & 2016-17 – Additions u/s 68:
AO noticed huge trade payables shown in name of Director, Shri V. Elangovan (₹3.62 Cr & ₹2.37 Cr). Though Elangovan confirmed balances, AO doubted his creditworthiness & treated liabilities as unexplained cash credits u/s 68. CIT(A) uphe...
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