https://www.taxtmi.com/caselaws?id=753390 The HC upheld ITAT's decision deleting addition u/s 68 regarding sundry creditors. ITAT found the assessee maintained running account with creditor showing substantial transactions. Ledger records revealed Rs. 18,00,000 outstanding as on 31.03.2013, which was written off and offered to tax in subsequent year. ITAT held that making addition would constitute double taxation since amount was already taxed upon write-off. Revenue's case concerned source of creditor funds, but assessee cannot be required to prove source of source. ITAT correctly evaluated facts and reached proper conclusion. Questions answered in assessee's favor. en-us Wed, 29 May 2024 00:00:00 +0530 Tue, 22 Oct 2024 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753390 The HC upheld ITAT's decision deleting addition u/s 68 regarding sundry creditors. ITAT found the assessee maintained running account with creditor showing substantial transactions. Ledger records revealed Rs. 18,00,000 outstanding as on 31.03.2013, which was written off and offered to tax in subsequent year. ITAT held that making addition would constitute double taxation since amount was already taxed upon write-off. Revenue's case concerned source of creditor funds, but assessee cannot be required to prove source of source. ITAT correctly evaluated facts and reached proper conclusion. Questions answered in assessee's favor. Case-Laws Income Tax Wed, 29 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753390