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Sundry Creditors Not Bogus When Purchases & Sales Accepted: ITAT Delhi Deletes Addition of ₹3.36 Cr
Case Law Details
- Case Name
- Shiv Hari Singla Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Delhi
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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...
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