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Sundry Creditors Cannot Be Taxed Once Purchases Accepted: ITAT Delhi Deletes Addition
Case Law Details
- Case Name
- Sunil Bansal Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Delhi
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Sunil Bansal Vs ITO (ITAT Delhi)
Once Sales & Purchases Accepted, Creditor Balance Can’t Be Taxed- ITAT Delhi Deletes ₹1.03 Cr Sundry Creditor Addition:
Assessee, proprietor of Bansal Sales Corporation engaged in wholesale trading of iron & steel, filed return declaring income of ₹8.67 lakh. During scrutiny, AO noticed sundry creditors of ₹8.82 crore. Notices issued u/s 133(6) to major creditors – JBG Trading Co., S.S. Trading Co. & Shree Ram Traders – were either returned unserved or not complied with. Inspector deputed by AO also failed to trace them....
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