AO cannot made addition under section 68 despite furnishing of confirmations on flimsy Grounds

Nirja Khatuwala Vs ITO (ITAT Gauhati)

I note that the out of total outstanding credits of Rs. 2,23,89,337/-[total number of sundry creditors were eleven (11)], the Assessing Officer was not satisfied about the genuinity in respect of credit worth Rs. 34,35,509/- i.e. only in respect of three sundry creditors which comes to 16% of total sundry creditors. In other words, the Assessing Officer was satisfied about the genuineness in respect of 84% of sundry creditor as claimed by the assessee. And the reason he was not satisfied

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