https://www.taxtmi.com/caselaws?id=450928 ITAT Bangalore remitted the matter to NFAC/CIT(A) after the assessee failed to respond during initial proceedings regarding unexplained sundry creditors under section 68. The assessee argued before ITAT that trade creditors from accepted genuine purchases cannot be treated as unexplained cash credits. Since NFAC confirmed the AO's order without examining the merits due to assessee's non-participation, ITAT directed fresh consideration with proper hearing opportunity. The appeal was partly allowed for statistical purposes. en-us Tue, 06 Feb 2024 00:00:00 +0530 Sat, 16 Mar 2024 07:50:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450928 ITAT Bangalore remitted the matter to NFAC/CIT(A) after the assessee failed to respond during initial proceedings regarding unexplained sundry creditors under section 68. The assessee argued before ITAT that trade creditors from accepted genuine purchases cannot be treated as unexplained cash credits. Since NFAC confirmed the AO's order without examining the merits due to assessee's non-participation, ITAT directed fresh consideration with proper hearing opportunity. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Tue, 06 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450928