Sundry Creditors Not Bogus When Purchases & Sales Accepted: ITAT Delhi Deletes Addition of ₹3.36 Cr  

Shiv Hari Singla Vs ITO (ITAT Delhi) Sundry Creditors Not Bogus When Purchases & Sales Accepted – ITAT Delhi Deletes Addition of ₹3.36 Cr Assessee, an individual contractor engaged in installation, erection & maintenance of air-conditioning systems for MES & private parties, declared income of ₹13.37 lakh with turnover of ₹6.44 crore. AO during scrutiny noted huge sundry creditors of ₹9.06 crore & treated balances of four parties (₹3.36 crore) as bogus since notices issued u/s 131 were unserved & Inspector reported shops as closed. AO added this sum as income fr...