https://www.taxtmi.com/caselaws?id=415993 The ITAT upheld the CIT(A)'s decision regarding the treatment of creditors, confirming genuineness where valid confirmations were filed before the AO. Under section 68 of the Income-tax Act, additions were deleted if confirmations were submitted during assessment proceedings but sustained for lacking credibility reasons. Specific creditors faced adjustments based on discrepancies, with some additions sustained partially. The ITAT remitted the issue of purchase payables back to the AO for verification, partly allowing the revenue's appeal and dismissing the assessee's cross-appeal. en-us Mon, 29 Nov 2021 00:00:00 +0530 Sat, 18 Dec 2021 08:46:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415993 The ITAT upheld the CIT(A)'s decision regarding the treatment of creditors, confirming genuineness where valid confirmations were filed before the AO. Under section 68 of the Income-tax Act, additions were deleted if confirmations were submitted during assessment proceedings but sustained for lacking credibility reasons. Specific creditors faced adjustments based on discrepancies, with some additions sustained partially. The ITAT remitted the issue of purchase payables back to the AO for verification, partly allowing the revenue's appeal and dismissing the assessee's cross-appeal. Case-Laws Income Tax Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415993