Assessing Officer Must Substantiate Bogus Creditor Claim: ITAT Delhi

ACIT Vs Real Impact Pvt Ltd (ITAT Delhi) In a recent case between the Assistant Commissioner of Income Tax (ACIT) and Real Impact Pvt Ltd, the Income Tax Appellate Tribunal (ITAT) Delhi rendered a decision highlighting the importance of substantiating creditor claims. The dispute arose from the assessment order, with the Revenue challenging the order of the Commissioner of Income Tax (Appeals) [CIT(A)] dated 11.09.2019. The grounds of appeal primarily revolved around the acceptance of additional evidence, contentions regarding payments to a specific company, and the genuineness of details subm...