https://www.taxtmi.com/caselaws?id=305017 The Tribunal directed the Assessing Officer to delete the addition of Rs.11,86,168 made based on extrapolated findings from sundry creditors outstanding, as confirmed by the CIT(A) for three creditors. Emphasizing that genuine purchases led to sales and liabilities cannot be added under Section 68, the Tribunal ruled in favor of the appellant in ITA No. 3520/DEL/2019, highlighting the necessity for a thorough examination of transactions before invoking Section 68 of the Income Tax Act. en-us Tue, 22 Sep 2020 00:00:00 +0530 Wed, 19 Apr 2023 18:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305017 The Tribunal directed the Assessing Officer to delete the addition of Rs.11,86,168 made based on extrapolated findings from sundry creditors outstanding, as confirmed by the CIT(A) for three creditors. Emphasizing that genuine purchases led to sales and liabilities cannot be added under Section 68, the Tribunal ruled in favor of the appellant in ITA No. 3520/DEL/2019, highlighting the necessity for a thorough examination of transactions before invoking Section 68 of the Income Tax Act. Case-Laws Income Tax Tue, 22 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305017