https://www.taxtmi.com/caselaws?id=756917 ITAT Bangalore held that addition under section 68 for director's loan ledger account was wrongly made by AO. The transactions pertained to FY 2012-13 to 2013-14, not the current assessment year 2015-16. AO had already accepted the closing balance of the director's ledger account in the assessment for AY 2013-14 completed on 29.01.2016. The opening balance from previous year cannot be considered as income in current assessment year. ITAT upheld CIT(Appeals) order deleting the addition, ruling in favor of assessee. en-us Tue, 30 Jan 2024 00:00:00 +0530 Sat, 10 Aug 2024 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756917 ITAT Bangalore held that addition under section 68 for director's loan ledger account was wrongly made by AO. The transactions pertained to FY 2012-13 to 2013-14, not the current assessment year 2015-16. AO had already accepted the closing balance of the director's ledger account in the assessment for AY 2013-14 completed on 29.01.2016. The opening balance from previous year cannot be considered as income in current assessment year. ITAT upheld CIT(Appeals) order deleting the addition, ruling in favor of assessee. Case-Laws Income Tax Tue, 30 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756917