https://www.taxtmi.com/highlights?id=81485 The Income Tax Appellate Tribunal (ITAT) adjudicated on various additions made by the Assessing Officer (AO) as unexplained/bogus credits or trading liabilities. The Tribunal held that the amount representing payment to a contractor, M/s Growfast Realtors (P) Ltd, was duly proved and the addition as unexplained credits was unsustainable. Regarding payment to M/s Sarda Vanijya (P) Ltd, supported by an accountant's certificate and TDS deduction, the Tribunal accepted it as a business payment and deleted the addition as unexplained credits. For small trading liabilities where the assessee could not furnish documents for two parties, the Tribunal favored the assessee based on preponderance of probabilities and deleted the addition. For trading ..... en-us Wed, 18 Sep 2024 07:53:02 +0530 Wed, 18 Sep 2024 07:53:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81485 The Income Tax Appellate Tribunal (ITAT) adjudicated on various additions made by the Assessing Officer (AO) as unexplained/bogus credits or trading liabilities. The Tribunal held that the amount representing payment to a contractor, M/s Growfast Realtors (P) Ltd, was duly proved and the addition as unexplained credits was unsustainable. Regarding payment to M/s Sarda Vanijya (P) Ltd, supported by an accountant's certificate and TDS deduction, the Tribunal accepted it as a business payment and deleted the addition as unexplained credits. For small trading liabilities where the assessee could not furnish documents for two parties, the Tribunal favored the assessee based on preponderance of probabilities and deleted the addition. For trading ..... Highlights Income Tax Wed, 18 Sep 2024 07:53:02 +0530 https://www.taxtmi.com/highlights?id=81485