https://www.taxtmi.com/caselaws?id=765851 The ITAT Delhi ruled in favor of the assessee regarding additions under section 68 for advances received from its holding company. The tribunal found that since the assessee had already submitted relevant information as additional evidence before the CIT(A), which was not properly acknowledged, the claim should be allowed. For inventory-related additions, the matter was remitted back to the AO for verification of the assessee's claim that these were additional costs inadvertently listed separately. Regarding section 68 additions, the tribunal held that since funds were invested in earlier assessment years and the source was properly shown, section 68 could not be invoked under the circumstances. en-us Fri, 07 Feb 2025 00:00:00 +0530 Tue, 11 Feb 2025 07:18:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765851 The ITAT Delhi ruled in favor of the assessee regarding additions under section 68 for advances received from its holding company. The tribunal found that since the assessee had already submitted relevant information as additional evidence before the CIT(A), which was not properly acknowledged, the claim should be allowed. For inventory-related additions, the matter was remitted back to the AO for verification of the assessee's claim that these were additional costs inadvertently listed separately. Regarding section 68 additions, the tribunal held that since funds were invested in earlier assessment years and the source was properly shown, section 68 could not be invoked under the circumstances. Case-Laws Income Tax Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765851