Saturday 18 October 2014

AO couldn’t invoke sec. 40A(3) to disallow cash payments if he had made additions by rejecting books

IT : Where Assessing Officer treated a part of sundry creditors as non-genuine taking a view that assessee could not file any details or no explanation was offered in respect to them, in view of fact that liability in question still existed in assessee's books of account, impugned addition was to be deleted


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