https://www.taxtmi.com/caselaws?id=333223 The Tribunal held that the additions made under section 68 for outstanding expenses payable to creditors were not sustainable as the amounts were for services rendered, not advances or loans. The appeal was allowed in favor of the assessee on this issue. The challenge to the validity of reopening proceedings was withdrawn and dismissed. General grounds raised in the appeal did not require adjudication, resulting in a partial allowance of the appeal in favor of the assessee. en-us Fri, 19 Aug 2016 00:00:00 +0530 Fri, 07 Oct 2016 17:48:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333223 The Tribunal held that the additions made under section 68 for outstanding expenses payable to creditors were not sustainable as the amounts were for services rendered, not advances or loans. The appeal was allowed in favor of the assessee on this issue. The challenge to the validity of reopening proceedings was withdrawn and dismissed. General grounds raised in the appeal did not require adjudication, resulting in a partial allowance of the appeal in favor of the assessee. Case-Laws Income Tax Fri, 19 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333223