https://www.taxtmi.com/caselaws?id=312352 The ITAT Kolkata dismissed the Revenue's appeal in two matters. Regarding sundry creditors, the Tribunal upheld CIT(A)'s deletion of additions, ruling that section 68 provisions apply only to amounts credited in the relevant assessment year, not opening balances from previous years. For bogus purchases, the Tribunal confirmed CIT(A)'s deletion of additions, noting that since the AO accepted sales figures and the assessee made payments to parties in subsequent years without Revenue disputing this, and books weren't rejected, no addition was warranted. Both deletions were sustained. en-us Thu, 07 May 2015 00:00:00 +0530 Tue, 13 Feb 2024 17:32:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312352 The ITAT Kolkata dismissed the Revenue's appeal in two matters. Regarding sundry creditors, the Tribunal upheld CIT(A)'s deletion of additions, ruling that section 68 provisions apply only to amounts credited in the relevant assessment year, not opening balances from previous years. For bogus purchases, the Tribunal confirmed CIT(A)'s deletion of additions, noting that since the AO accepted sales figures and the assessee made payments to parties in subsequent years without Revenue disputing this, and books weren't rejected, no addition was warranted. Both deletions were sustained. Case-Laws Income Tax Thu, 07 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312352