Section 68 of the Income Tax Act,1961

Section 68 of the Income Tax Act,1961


The Kolkata bench of the ITAT has held that trading liabilities incurred with corresponding purchases cannot be the subject matter of addition under section 68 of the Income Tax Act,1961 as the provisions of section 68 of the Act are applicable to the credits in the books of accounts of the assesse which could not be explained with respect to identity, creditworthiness and genuineness. (ITA No. 226/Kol/2019).








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