https://www.taxtmi.com/caselaws?id=208186 The Tribunal upheld the Assessing Officer's additions of Rs. 50.09 lakhs as 'old brought forward trade credits' and Rs. 14.99 lakhs as 'current year's trade credits' under the Income Tax Act. The Tribunal found that the assessee failed to prove the genuineness of the liabilities and did not provide satisfactory explanations for the credits. Additionally, the Tribunal upheld the interest charged under Section 234B, stating that it should be levied on the assessed income, not the returned income. The appeal filed by the assessee was dismissed, and the Tribunal ruled in favor of the Revenue. en-us Fri, 08 Jan 2010 00:00:00 +0530 Wed, 04 Jan 2012 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208186 The Tribunal upheld the Assessing Officer's additions of Rs. 50.09 lakhs as 'old brought forward trade credits' and Rs. 14.99 lakhs as 'current year's trade credits' under the Income Tax Act. The Tribunal found that the assessee failed to prove the genuineness of the liabilities and did not provide satisfactory explanations for the credits. Additionally, the Tribunal upheld the interest charged under Section 234B, stating that it should be levied on the assessed income, not the returned income. The appeal filed by the assessee was dismissed, and the Tribunal ruled in favor of the Revenue. Case-Laws Income Tax Fri, 08 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208186