https://www.taxtmi.com/caselaws?id=765573 ITAT Delhi ruled in favor of the assessee regarding additions under Section 68 for unexplained cash deposits in bank accounts of controlled companies. The tribunal held that double taxation is impermissible per SC precedent in Laxmipat Singhania case. Section 68 requires credit in assessee's books, which was absent here. Since additions were already made in the respective companies' cases, no further addition could be made in assessee's hands. CIT(A)'s deletion of addition was upheld, preventing double additions under law. en-us Fri, 31 Jan 2025 00:00:00 +0530 Tue, 04 Feb 2025 08:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765573 ITAT Delhi ruled in favor of the assessee regarding additions under Section 68 for unexplained cash deposits in bank accounts of controlled companies. The tribunal held that double taxation is impermissible per SC precedent in Laxmipat Singhania case. Section 68 requires credit in assessee's books, which was absent here. Since additions were already made in the respective companies' cases, no further addition could be made in assessee's hands. CIT(A)'s deletion of addition was upheld, preventing double additions under law. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765573