https://www.taxtmi.com/caselaws?id=767060 ITAT Mumbai dismissed Revenue's appeal regarding additions under section 68. The assessee received share application money from non-resident investors which AO treated as unexplained cash credit. CIT(A) deleted the addition after assessee proved investors' identity, creditworthiness, and transaction genuineness. ITAT upheld CIT(A)'s decision. Regarding trade payables, ITAT held section 68 provisions don't apply to purchase amounts on credit as these represent liabilities, not unexplained credits in books. Both additions under section 68 were correctly deleted by CIT(A). en-us Mon, 03 Mar 2025 00:00:00 +0530 Mon, 10 Mar 2025 08:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767060 ITAT Mumbai dismissed Revenue's appeal regarding additions under section 68. The assessee received share application money from non-resident investors which AO treated as unexplained cash credit. CIT(A) deleted the addition after assessee proved investors' identity, creditworthiness, and transaction genuineness. ITAT upheld CIT(A)'s decision. Regarding trade payables, ITAT held section 68 provisions don't apply to purchase amounts on credit as these represent liabilities, not unexplained credits in books. Both additions under section 68 were correctly deleted by CIT(A). Case-Laws Income Tax Mon, 03 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767060