https://www.taxtmi.com/caselaws?id=261051 The High Court admitted the appeal to consider substantial questions of law regarding the application of section 68 for trade credits outstanding. The Tribunal upheld the section 68 application, even when purchases were not disputed, and outstanding credits were confirmed post-year end. The Court detailed the facts for assessment years 2003-04 and 2004-05, highlighting the assessing officer's actions and subsequent decisions by CIT(A) and ITAT. The Court concluded that sections 68 and 69C could be invoked for unproved sundry creditors, leading to the dismissal of the appeals and affirming the ITAT order. en-us Wed, 03 Jun 2015 00:00:00 +0530 Wed, 01 Jul 2015 06:46:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261051 The High Court admitted the appeal to consider substantial questions of law regarding the application of section 68 for trade credits outstanding. The Tribunal upheld the section 68 application, even when purchases were not disputed, and outstanding credits were confirmed post-year end. The Court detailed the facts for assessment years 2003-04 and 2004-05, highlighting the assessing officer's actions and subsequent decisions by CIT(A) and ITAT. The Court concluded that sections 68 and 69C could be invoked for unproved sundry creditors, leading to the dismissal of the appeals and affirming the ITAT order. Case-Laws Income Tax Wed, 03 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261051