No disallowance of sundry trade creditors if profit was determined on estimated basis

M/s Aditya Enterprise Vs ITO (ITAT Kolkata)

In the instant case, the profit was determined on estimated basis due to the fact that assessee failed to produce books of account during the assessment. Once then profit has been determined on estimated basis then in our considered view no disallowance can be made on account of sundry creditors. It is undisputed fact that these sundry creditors were arising from the purchases made by assessee and therefore the same cannot be added without disturbing the purchases. Moreover in the instant case the profit has been determined on estimated b

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