https://www.taxtmi.com/caselaws?id=766912 ITAT Mumbai ruled in favor of the assessee firm regarding Section 68 addition. The AO incorrectly applied Section 68 to revaluation of assets by AOP, treating it as undisclosed income introduction. The tribunal held that asset revaluation by joint venture AOP and crediting assessee's share to capital account was legitimate accounting practice, not income generation. No sale or transfer occurred to trigger tax liability. The AOP was independently assessed and liable for its own tax. ITAT confirmed CIT(A)'s deletion of addition. Separately, disallowance of brokerage expenses for unsecured loans was also deleted as payments were made through cheques with proper TDS deduction. en-us Fri, 28 Feb 2025 00:00:00 +0530 Thu, 06 Mar 2025 07:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766912 ITAT Mumbai ruled in favor of the assessee firm regarding Section 68 addition. The AO incorrectly applied Section 68 to revaluation of assets by AOP, treating it as undisclosed income introduction. The tribunal held that asset revaluation by joint venture AOP and crediting assessee's share to capital account was legitimate accounting practice, not income generation. No sale or transfer occurred to trigger tax liability. The AOP was independently assessed and liable for its own tax. ITAT confirmed CIT(A)'s deletion of addition. Separately, disallowance of brokerage expenses for unsecured loans was also deleted as payments were made through cheques with proper TDS deduction. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766912