Addition u/s 68 is invalid When Creditworthiness of Money was proved by Balance Sheet showing Legitimate Fund Transfer to Company: ITAT [Read Order]

The Tribunal held that the assessee has successfully discharged the initial onus cast upon it by provisions of section 68 of the Act
By Yogitha S. Yogesh - On April 2, 2024 6:30 pm - 2 mins read
ITAT Delhi - ITAT - Income Tax - Legitimate fund transfers and tax implications - Balance sheet proof for Section 68 cases - Taxscan

The Delhi bench of the Income Tax Appellate Tribunal( ITAT )has held that addition under section 68 is invalid when the creditworthiness of money was proved by a balance sheet showing legitimate fund transfer to the company. M/s Placid Buildwell Pvt Ltd, the assessee filed the original return of income. The Return was selected for…

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