Supreme Court of India
Basir Ahmed Sisodiya v. The Income Tax Officer
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What the Court ordered
Resultantly, the said transactions were assumed as bogus entries (standing to the credit of named dealers who were non-existent creditors of the assessee).
Judgment, page 19
From the headnote
Income Tax Act, 1961 – ss.68, 143, 144, 145, 271 – Assessing Officer, inter alia, relying on the Balance Sheet and the books of account, added the credits amounting to Rs.2,26,000/- in declared income of the appellant-assessee – Appellant filed appeal – Partly allowed by Commissioner of Income Tax (Appeals) – CIT( ) upheld the assessment order by Order dtd. 09.01.2003 – ITAT partly allowed the appellant’s appeal however, the order regarding credits of Rs.
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