https://www.taxtmi.com/caselaws?id=757834 ITAT Mumbai quashed the reopening of assessment and deleted the addition under section 68 for unexplained cash credit. The tribunal found the reopening was based on factually incorrect grounds, as the assessee had properly recorded derivative gains in financial statements. The AO incorrectly treated declared profits as undisclosed money routed back through share transactions. The tribunal held that even if income was non-genuine, it cannot be added under section 68 when already shown as revenue. The AO should have reduced the amount from income side rather than adding it, making the exercise tax neutral due to available set-off provisions. en-us Wed, 05 Jun 2024 00:00:00 +0530 Tue, 03 Sep 2024 08:26:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757834 ITAT Mumbai quashed the reopening of assessment and deleted the addition under section 68 for unexplained cash credit. The tribunal found the reopening was based on factually incorrect grounds, as the assessee had properly recorded derivative gains in financial statements. The AO incorrectly treated declared profits as undisclosed money routed back through share transactions. The tribunal held that even if income was non-genuine, it cannot be added under section 68 when already shown as revenue. The AO should have reduced the amount from income side rather than adding it, making the exercise tax neutral due to available set-off provisions. Case-Laws Income Tax Wed, 05 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757834