Case Law Details
Case Name : Commissioner of Income Tax Vs Bhogilal Ramjibhai Atara (Gujarat High Court at Ahmedabad)
Related Assessment Year :
Courts :
All High Courts Gujarat High Court
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Section 41(1) of the Act would apply in a case where there has been remission or cessation of liability during the year under consideration subject to the conditions contained in the statute being fulfilled. Additionally, such cessation or remission has to be during the previous year relevant to the assessment year under consideration.
In the present case, both elements are missing. There was nothing on record to suggest there was remission or cessation of liability that too during the previous year relevant to the assessment year 2007-08 which was the year under consideration. It is undoubted...
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AO should have invoked the provision of section 68 as unexplained credit.
IF THE ASSESSEE HAS CLAIMED ANY REVENUE EXPENSES PAYABLE TO THE UNCLAIMED CREDITORS, CANT THIS NOT BE ADDED TO REVENUE.
Very Unique case and judgement. Under such circumstances, what is the way for the Revenue, especially when the creditors are not genuine??