ITAT Rejects Bogus Debtors Theory: Rs. 65.19 Lakh Addition Deleted for Lack of Evidence

Adhishwar Nivesh Pvt. Ltd. Vs ACIT (ITAT Delhi)

Bogus Sundry Debtors Theory Collapses: ITAT Deletes ₹65.19 Lakh Addition Based on Past-Year Presumptions

AO treated sundry debtors of ₹26.05 lakh relating to AY 2014-15 & ₹39.14 lakh relating to AY 2015-16 aggregating to ₹65.19 lakh as fictitious investments, relying heavily on observations made in earlier year that Assessee was a mere name lender & business transactions were sham. CIT(A) upheld the addition, also rejecting Assessee’s objection on limited scru

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