https://www.taxtmi.com/caselaws?id=429343 The Tribunal held that Section 68 of the Income Tax Act applies to any unexplained credit in the books of accounts, including credit purchases. The assessee's explanations and evidence regarding the genuineness of transactions and identity of creditors were deemed implausible and lacking. The Tribunal found the submitted documents insufficient to establish the credibility of the creditors. Consequently, the Tribunal upheld the Assessing Officer's addition of Rs 19,22,05,496 under Section 68, emphasizing the importance of considering surrounding circumstances in assessing transaction genuineness. The AO's appeal was allowed, and relief granted by the CIT(A) was vacated. en-us Wed, 19 Oct 2022 00:00:00 +0530 Fri, 21 Oct 2022 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429343 The Tribunal held that Section 68 of the Income Tax Act applies to any unexplained credit in the books of accounts, including credit purchases. The assessee's explanations and evidence regarding the genuineness of transactions and identity of creditors were deemed implausible and lacking. The Tribunal found the submitted documents insufficient to establish the credibility of the creditors. Consequently, the Tribunal upheld the Assessing Officer's addition of Rs 19,22,05,496 under Section 68, emphasizing the importance of considering surrounding circumstances in assessing transaction genuineness. The AO's appeal was allowed, and relief granted by the CIT(A) was vacated. Case-Laws Income Tax Wed, 19 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429343