https://www.taxtmi.com/caselaws?id=310957 The ITAT Ahmedabad upheld the CIT(A)'s decision to delete additions made by the AO under sections 41(1) and 69. For the section 41(1) addition of Rs. 8,21,50,309, the tribunal found that since the AO had previously examined and accepted the genuineness of transactions with the creditor in the preceding year, the same adverse material could not now be used to treat the outstanding balance as bogus. Regarding section 69 additions, the tribunal confirmed that no addition could be made for opening credit balances of parties from preceding years, and purchases from another party were genuine and uncontested. The appeal was decided in favor of the assessee. en-us Wed, 22 Feb 2023 00:00:00 +0530 Fri, 01 Dec 2023 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310957 The ITAT Ahmedabad upheld the CIT(A)'s decision to delete additions made by the AO under sections 41(1) and 69. For the section 41(1) addition of Rs. 8,21,50,309, the tribunal found that since the AO had previously examined and accepted the genuineness of transactions with the creditor in the preceding year, the same adverse material could not now be used to treat the outstanding balance as bogus. Regarding section 69 additions, the tribunal confirmed that no addition could be made for opening credit balances of parties from preceding years, and purchases from another party were genuine and uncontested. The appeal was decided in favor of the assessee. Case-Laws Income Tax Wed, 22 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310957