https://www.taxtmi.com/caselaws?id=762263 The Appellate Tribunal ITAT Delhi allowed the appeal by the assessee, a partnership firm in the jewelry business, challenging the addition of Rs. 35,40,660/- under section 68 of the Income-tax Act, 1961. The Tribunal found that the Assessing Officer and CIT(A) relied on assumptions without direct evidence and failed to identify discrepancies in the assessee's regular books of account. The Tribunal determined that the Assessing Officer's decision was arbitrary and unsupported by evidence, leading to the conclusion that the addition was unjustified. Consequently, the Tribunal ruled in favor of the assessee, overturning the addition. en-us Fri, 11 Oct 2024 00:00:00 +0530 Wed, 27 Nov 2024 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762263 The Appellate Tribunal ITAT Delhi allowed the appeal by the assessee, a partnership firm in the jewelry business, challenging the addition of Rs. 35,40,660/- under section 68 of the Income-tax Act, 1961. The Tribunal found that the Assessing Officer and CIT(A) relied on assumptions without direct evidence and failed to identify discrepancies in the assessee's regular books of account. The Tribunal determined that the Assessing Officer's decision was arbitrary and unsupported by evidence, leading to the conclusion that the addition was unjustified. Consequently, the Tribunal ruled in favor of the assessee, overturning the addition. Case-Laws Income Tax Fri, 11 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762263