Section 68 addition justified if creditors absconding & could not be produced before AO

ITO Vs Shreeji Multitrade Pvt. Ltd. (ITAT Mumbai)

The brief facts of the case is that of the case are that during the year under consideration a sum of Rs. 2,00,00,000 is shown to have been received by the assessee company on 04/05/2011 from M/s Innovative Spinning and Knitting Private Limited. During scrutiny proceedings, the Assessing Officer on verification of the bank statement found this sum as received on 04/05/2011 through RTGS and out of the same, the assessee transferred Rs. 1,99,75,000/ to M/s Garandiose Jewelry Private Limite

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