ITAT deletes addition u/s 68 of Income Tax Act on Submission of Requisite Documents [Read Order]
Taxpayer proved all the three ingredients of Section 68 by furnishing the requisite documents before the AO and the AO had not found anything adverse in those documents
In a major ruling, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition under section 68 of the Income Tax Act, 1961 upon submission of requisite documents by the taxpayer. The Assessing Officer ( AO ) had completely proceeded on a misconception that M/s. Powmex Sales Pvt. Ltd had…
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