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ITAT Delhi Cuts Bogus Creditors Addition from ₹3.50 Cr to ₹45 Lakh
Case Law Details
- Case Name
- Smt. Sudha Loyalka Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Delhi
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Smt. Sudha Loyalka Vs ITO (ITAT Delhi)
ITAT Delhi Cuts ₹3.50 Cr Bogus Creditor Addition to ₹45 Lakh – Only 25% Disallowance Sustained Cash Payments Below ₹20K Raise Doubts – Tribunal Partly Upholds Disallowance HC Remand Leads to Relief – ITAT Applies Section 37, Narrows Addition to ₹45 Lakh
Background
Assessee: Smt. Sudha Loyalka, proprietor of M/s Tirupati Industries, engaged in fabric & garment trading.
Scrutiny Reason: Large sundry creditors (₹6.77 Cr).
AO’s Findings (143(3), 18.03.2015):
-Issued notices u/s 133(6) to 27 creditors (₹3.48 Cr).
-20 notices (₹2.7...
Author Info
