Addition cannot be made only on the basis of a surrender simplictor

CA Prarthana Jalan

The Honble Agra ITAT has in the case of Ram Prakash has held that “Addition cannot be made only on  the basis of a surrender simplictor “.

Brief Facts of the case are that the assessee is engaged in the business of foodgrains. During the course of the assessment proceedings, the Assessing Officer noticed that the assessee has shown unsecured creditors amounting to Rs 80,27,616 but, as certain payments made to these persons

Please become a Premium member. If you are already a Premium member, login here to access the full content.