Tag Archives: ITA No.983/MUM/2016

No Addition if confirmation of outstanding Balance not taken from Creditors : ITAT

By | March 26, 2019

Issue : The Assessing Officer after going through the balance sheet of the assessee noticed that assessee has shown liability of Rs. 75,82,362/- as payable to M/s. Camy Plant, the assessee was required to furnish the confirmations from the creditors , on Non submission it was treated as cessation of liability u/s. 41(1) of the… Read More »