Day: August 4, 2026

Merely because interest liability was recognised by journal entries at the close of the year, it does not make expenditure fictitious or non-genuine. In a recent judgment, ITAT has held that merely because the interest liability has been recognised through journal entries at the close of the accounting …

Addition for cash deposits in bank account which were immediately transferred to other accounts deleted in absence any enquiry by AO In a recent judgment, ITAT deleted the addition towards cash deposits in bank account of the assessee during demonetisation window which were immediately transferred to other accounts …

ITAT disallows 6% for alleged bogus purchases as purchases from unregistered dealers could not be ruled out. In a recent judgment, ITAT has held that a disallowance of 6% for alleged bogus purchases was appropriate as purchases from unregistered dealers per se could not be altogether ruled out …