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

By Aiswarya Krishnadas - On March 12, 2024 12:16 pm - 2 mins read

ITAT - ITAT Delhi - Income Tax - Submission of Requisite Documents - taxscan

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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