Addition u/s 68 of Income Tax Act can’t be made when Assessee Established Genuineness of Sundry Creditors: ITAT grants relief to Serco India [Read Order]
The Addition imposed by the CIT(A) was set aside by ITAT as the assessee proved the difference in opening and closing balance of sundry creditors
By Sunayana Dhal - On December 22, 2023 3:45 pm - 2 mins read
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) granted relief to Serco India and held that the addition under Section 68 of the Income Tax Act, 1961 cannot be made when the assessee established the genuineness of the sundry creditors. The company was established as a captive service center with an objective to…
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