Outstanding Balances cannot be treated as ‘Bogus’ when Payment made through Banking Channels: ITAT [Read Order]

Outstanding Balance - Bogus - Payment - Banking Channels - taxscan

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the outstanding balances cannot be suspected as bogus when the payments to parties were made through banking channel. During the relevant year, the Assessing Officer, while concluding the assessment proceedings against the assessee, Imran Mohammed Iqbal, treated balances relating to sundry creditors as bogus…

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Imran Mohammed Iqbal vs I.T.O

Counsel for Appellant:   Shri S. N. Divetia

Counsel for Respondent:   Shri R.R. Makwana

CITATION:   2022 TAXSCAN (ITAT) 438

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