Addition cannot be Made and Sustained by Invoking the Deeming Provision of Section 68 of the Income Tax Act: ITAT [Read Order]

By Fathima Karama A.M - On August 20, 2023 10:00 pm - 2 mins read

Addition - Invoking the Deeming Provision - Income Tax Act - ITAT - Income Tax - Deeming Provision - taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the addition could not be made and sustained by invoking the deeming provision of Section 68 of the Income Tax Act 1961. The appeal has been filed by the assessee KMG International Ltd, for confirming the addition under Section 68 of the Income…

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