https://www.taxtmi.com/caselaws?id=388082 The Tribunal allowed both appeals filed by the assessee. The addition of sundry creditors under Section 68 for the assessment year 2015-2016 was deleted, and the penalty under Section 271(1)(c) for the assessment year 2013-2014 was also deleted. The judgment emphasized the importance of verifying the genuineness of purchases and the corresponding liabilities before making additions under Sections 68 and 41(1) of the Income Tax Act. en-us Wed, 30 Oct 2019 00:00:00 +0530 Thu, 07 Nov 2019 08:19:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388082 The Tribunal allowed both appeals filed by the assessee. The addition of sundry creditors under Section 68 for the assessment year 2015-2016 was deleted, and the penalty under Section 271(1)(c) for the assessment year 2013-2014 was also deleted. The judgment emphasized the importance of verifying the genuineness of purchases and the corresponding liabilities before making additions under Sections 68 and 41(1) of the Income Tax Act. Case-Laws Income Tax Wed, 30 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388082