ITO vs A R Enterprises
Parties Involved
Facts Summary
The assessee, a partnership firm engaged in trading of S.S. Steel goods, filed its return of income declaring total income at INR 5,850/-. The case was selected for scrutiny through CASS due to low PBIT, large increase in sundry creditors, and reduction in business income. The Assessing Officer issued notices and concluded that the assessee failed to prove the existence and genuineness of sundry creditors, assessing the income at INR 2,03,89,450/-. The assessee appealed to the Commissioner of Income Tax (Appeals) who allowed the appeal, leading the Revenue to file an appeal before the Tribunal.…
Decision in favour of
Assessee
Legal Issues
- 1. Addition of INR 2,03,83,595/- by AO on account of bogus liability.
Judgment Outcome
Decided in favour of Assessee.
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