https://www.taxtmi.com/caselaws?id=271921 The ITAT Delhi dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete additions under both issues. The CIT(A) found that the creditors had sufficient creditworthiness and transactions were genuine, leading to the deletion of the addition under section 68 of the Income Tax Act. Additionally, the ITAT held that Section 45(4) did not apply as there was no transfer of capital asset by way of distribution on dissolution of the firm, affirming the deletion of the long term capital gain addition. en-us Fri, 19 Feb 2016 00:00:00 +0530 Mon, 22 Feb 2016 09:49:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271921 The ITAT Delhi dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete additions under both issues. The CIT(A) found that the creditors had sufficient creditworthiness and transactions were genuine, leading to the deletion of the addition under section 68 of the Income Tax Act. Additionally, the ITAT held that Section 45(4) did not apply as there was no transfer of capital asset by way of distribution on dissolution of the firm, affirming the deletion of the long term capital gain addition. Case-Laws Income Tax Fri, 19 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271921