https://www.taxtmi.com/caselaws?id=419136 The ITAT allowed the appeal of the assessee in a case involving the addition of sundry creditors under section 68 and disallowances under sections 37 and 32. The ITAT held that the addition under section 68 was unjustified as no sum was credited in the books of the assessee concerning the disputed creditors. The disallowances under sections 37 and 32 were overturned as they were based on assumptions without concrete evidence. Consequently, the impugned additions and disallowances were set aside, resulting in a favorable outcome for the assessee. en-us Wed, 23 Feb 2022 00:00:00 +0530 Fri, 04 Mar 2022 08:55:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419136 The ITAT allowed the appeal of the assessee in a case involving the addition of sundry creditors under section 68 and disallowances under sections 37 and 32. The ITAT held that the addition under section 68 was unjustified as no sum was credited in the books of the assessee concerning the disputed creditors. The disallowances under sections 37 and 32 were overturned as they were based on assumptions without concrete evidence. Consequently, the impugned additions and disallowances were set aside, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Wed, 23 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419136