https://www.taxtmi.com/caselaws?id=465623 Whether outstanding sundry creditors could be treated as unexplained cash credits under s. 68 where the assessee demonstrated subsequent settlement/adjustment was the dominant issue. The Tribunal held that the impugned credits comprised numerous small outstanding balances and the assessee produced material showing that the balances were squared off or adjusted in succeeding years, including in adjacent assessment years. Relying on HC precedents that customer advances/security deposits duly recorded and later adjusted against sales/deliveries do not attract s. 68, the Tribunal found no basis to sustain the addition. The deletion of the s. 68 addition by the CIT(A) was upheld and the Revenue's appeal was dismissed. en-us Tue, 04 Jul 2017 00:00:00 +0530 Fri, 02 Jan 2026 14:59:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465623 Whether outstanding sundry creditors could be treated as unexplained cash credits under s. 68 where the assessee demonstrated subsequent settlement/adjustment was the dominant issue. The Tribunal held that the impugned credits comprised numerous small outstanding balances and the assessee produced material showing that the balances were squared off or adjusted in succeeding years, including in adjacent assessment years. Relying on HC precedents that customer advances/security deposits duly recorded and later adjusted against sales/deliveries do not attract s. 68, the Tribunal found no basis to sustain the addition. The deletion of the s. 68 addition by the CIT(A) was upheld and the Revenue's appeal was dismissed. Case-Laws Income Tax Tue, 04 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465623