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No addition U/s. 68 if credits are not related to relevant Assessment year
Case Law Details
- Case Name
- Glen Villiams Vs ACIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Bangalore
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Brief of the case
Assesse was a dealer of bakery products, filed its return. During assessment, it was found that assesse represented certain amount towards sundry creditors in its books. A.O. treated sundry creditors to tune of Rs. 65 lacs, as non-existent, and therefore added back to assesse’s income . CIT(A) upheld AO’s order. Assesse challenged said order before tribunal, on ground that neither order of A.O. , nor order of CIT (A), was clear as to whether addition was being made under Section 68 or Section 41(1). Tribunal held that since credit entries do not relate to previous year re...
