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

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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…

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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.

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