HomeDirect TaxDeclaring Inflated Stock to Bank for Higher Cash Credit Is ‘Commercial Immorality’:...

Declaring Inflated Stock to Bank for Higher Cash Credit Is ‘Commercial Immorality’: J&K and Ladakh High Court Upholds Income Tax Addition

Published on

🚀 Stay Connected With JurisHour

WhatsApp X Telegram

The Jammu & Kashmir and Ladakh High Court while upholding Income Tax Addition, held that declaring inflated stock to banks for securing higher credit facilities amounts to “commercial immorality” and cannot be accepted as a legitimate business practice.  The Bench of Bench comprising the Chief Justice and Justice Rajnesh Oswal has observed that the stock…

Membership Required

You must be a member to access this content.

View Membership Levels

Already a member? Log in here
Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

Latest articles

ITC Fraud | GST Dept. Passed Order Without Considering Assessee’s Reply To SCN: P&H HC Quashes Bank Account Freezing

The Punjab and Haryana High Court has quashed an assessment order holding that failure...

Customs Dept. Can Seize Smuggled Gold Even Inside City, Not Just Near Borders: Calcutta HC

The Calcutta High Court has held that the customs department can seize the smuggled...

NDPS Bail: Telangana High Court Holds Section 37 Inapplicable to Intermediate Quantity, Grants Bail in 9.1 Kg Ganja Seizure Case

The Telangana High Court has granted regular bail to an accused in a narcotics...

More like this

ITC Fraud | GST Dept. Passed Order Without Considering Assessee’s Reply To SCN: P&H HC Quashes Bank Account Freezing

The Punjab and Haryana High Court has quashed an assessment order holding that failure...

Customs Dept. Can Seize Smuggled Gold Even Inside City, Not Just Near Borders: Calcutta HC

The Calcutta High Court has held that the customs department can seize the smuggled...