https://www.taxtmi.com/caselaws?id=442584 The Appellate Tribunal ITAT Rajkot upheld the Principal Commissioner of Income Tax's order directing a fresh assessment due to errors in the treatment of unexplained sundry creditors. The Tribunal found that the non-invocation of section 115BBE for the addition of unexplained sundry creditors under section 68 was prejudicial to revenue. However, regarding the disallowance of bogus expenses, the Tribunal ruled in favor of the assessee, stating that section 69C did not apply to bogus expenses and that the assessment order was not erroneous in this regard. The appeal was partly allowed, affirming the PCIT's order on the treatment of unexplained sundry creditors. en-us Wed, 02 Aug 2023 00:00:00 +0530 Tue, 05 Sep 2023 21:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442584 The Appellate Tribunal ITAT Rajkot upheld the Principal Commissioner of Income Tax's order directing a fresh assessment due to errors in the treatment of unexplained sundry creditors. The Tribunal found that the non-invocation of section 115BBE for the addition of unexplained sundry creditors under section 68 was prejudicial to revenue. However, regarding the disallowance of bogus expenses, the Tribunal ruled in favor of the assessee, stating that section 69C did not apply to bogus expenses and that the assessment order was not erroneous in this regard. The appeal was partly allowed, affirming the PCIT's order on the treatment of unexplained sundry creditors. Case-Laws Income Tax Wed, 02 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442584