Section 68 Addition Upheld Due to Assessee's Failure to Prove Creditors' Creditworthiness; No Penalty Imposed for Concealed Income.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition u/s 68 - addition has been sustained on the basis that the assessee could not discharge its onus with regard to the creditworthiness of the creditors - However, de hors the said provision, it is not possible to state with certainty that the said sums would be “concealed income” - No Penalty - AT....