SHRI BALBIR SINGH VERMA,SHIMLA vs. PR.CIT, SHIMLA
In the result, appeal of the Assessee is allowed
ITA 314/CHANDI/2020[2015-16]Status: DisposedITAT Chandigarh14 May 2025AY 2015-16
Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)
For Appellant: Shri Parikshit Aggarwal, C.AFor Respondent: Shri Rohit Sharma, CIT DR (Virtual)
Section 133ASection 142(1)Section 143(2)Section 143(3)Section 24Section 263Section 271(1)(c)Section 36(1)(iii)
68,36,250/- (from 6 persons) is now outstanding. This clearly means that the creditors were business creditors of Assessee and there was bona-fide business transaction with them. Assessee disclosed the identity of the customers and has explained the nature of transactions as business advances for sale of property. These advances were not large or suspicious credits, but small
