The Tribunal held that the assessee has successfully discharged the initial onus cast upon it by provisions of section 68 of the Act
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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