HC upheld additions due to ‘Window-dressed’ financials prepared to obtain bank loan

IT : Assessee having presented his financial position as in balance-sheet and profit and loss account certified by a chartered accountant in Form 3CB in accordance with Rule 6G(1)(b) of the Income-tax Rules, 1962 for obtaining loan from bank could no longer resile from such position later at time of filing annual accounts for purpose of taxation on ground that earlier accounts had been prepared on basis of estimation for presentation thereof to bank. The balance-sheet and profit and loss account

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000181926/hc-upheld-additions-due-to-‘window-dressed’-financials-prepared-to-obtain-bank-loan.aspx