https://www.taxtmi.com/highlights?id=56896 Addition u/s 69B relating to difference in sundry debtors - On clarification sought by the AO, the assessee had explained the difference stating that the list of debtors with inflated balances was furnished to the bank for better credit facilities and the practice is prevalent in business community. The explanation appears to be correct, since, no other corroborative evidence is available to disprove the submission of the assessee. Though the list of sundry debtors obtained from the bank is source of information, the same cannot be a conclusive proof without having corroborative evidence to treat the difference as income. - AT en-us Thu, 25 Feb 2021 09:12:58 +0530 Thu, 25 Feb 2021 09:12:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=56896 Addition u/s 69B relating to difference in sundry debtors - On clarification sought by the AO, the assessee had explained the difference stating that the list of debtors with inflated balances was furnished to the bank for better credit facilities and the practice is prevalent in business community. The explanation appears to be correct, since, no other corroborative evidence is available to disprove the submission of the assessee. Though the list of sundry debtors obtained from the bank is source of information, the same cannot be a conclusive proof without having corroborative evidence to treat the difference as income. - AT Highlights Income Tax Thu, 25 Feb 2021 09:12:58 +0530 https://www.taxtmi.com/highlights?id=56896