https://www.taxtmi.com/caselaws?id=278823 The ITAT allowed the appeal of the assessee for statistical purposes, indicating a favorable outcome regarding the disputed genuineness of the sundry creditor transactions for the assessment year 2008-09. The ITAT emphasized that if the credit balance was carried forward from previous years and not introduced as new credits during the assessment year, no addition under section 68 of the Income Tax Act could be made. The case was set aside for the AO to re-examine in line with the judgment of the Delhi HC, directing the assessee to clarify the repayment status of the liability. en-us Tue, 12 Apr 2016 00:00:00 +0530 Fri, 22 Feb 2019 06:06:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278823 The ITAT allowed the appeal of the assessee for statistical purposes, indicating a favorable outcome regarding the disputed genuineness of the sundry creditor transactions for the assessment year 2008-09. The ITAT emphasized that if the credit balance was carried forward from previous years and not introduced as new credits during the assessment year, no addition under section 68 of the Income Tax Act could be made. The case was set aside for the AO to re-examine in line with the judgment of the Delhi HC, directing the assessee to clarify the repayment status of the liability. Case-Laws Income Tax Tue, 12 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278823