https://www.taxtmi.com/caselaws?id=345845 The HC held that Section 68 was not applicable to amounts representing purchases made on credit, as these were genuine supply transactions. The Tribunal had already found that the provisions of Section 68 did not attract the credited sums in question. Since trade creditors for earlier assessment years were accepted in scrutiny assessments, the genuineness of the expenses could not be doubted. The court ruled against the revenue, affirming that the additions under Section 68 were not justified in this case. en-us Wed, 12 Jul 2017 00:00:00 +0530 Tue, 26 May 2026 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345845 The HC held that Section 68 was not applicable to amounts representing purchases made on credit, as these were genuine supply transactions. The Tribunal had already found that the provisions of Section 68 did not attract the credited sums in question. Since trade creditors for earlier assessment years were accepted in scrutiny assessments, the genuineness of the expenses could not be doubted. The court ruled against the revenue, affirming that the additions under Section 68 were not justified in this case. Case-Laws Income Tax Wed, 12 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345845