https://www.taxtmi.com/caselaws?id=193460 The Tribunal allowed the appeal, overturning the addition of Rs. 83,18,322 under section 68 of the Income Tax Act for the assessment year 2009-10. It held that the credits representing purchases made on credit for material supply were genuine, consistent with past assessments, and not subject to section 68 scrutiny. Emphasizing the importance of assessing transaction nature and past records, the Tribunal ruled in favor of the assessee, highlighting the need for a nuanced approach in applying tax provisions. en-us Thu, 23 Jun 2016 00:00:00 +0530 Mon, 31 Jul 2017 08:10:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193460 The Tribunal allowed the appeal, overturning the addition of Rs. 83,18,322 under section 68 of the Income Tax Act for the assessment year 2009-10. It held that the credits representing purchases made on credit for material supply were genuine, consistent with past assessments, and not subject to section 68 scrutiny. Emphasizing the importance of assessing transaction nature and past records, the Tribunal ruled in favor of the assessee, highlighting the need for a nuanced approach in applying tax provisions. Case-Laws Income Tax Thu, 23 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193460