https://www.taxtmi.com/caselaws?id=769744 ITAT Mumbai-AT allowed the appeal, directing deletion of additions made under sections 11 and 68. The tribunal found that advances to Rainbow Tech and Arun Muchhala entities were either opening balances from previous years or legitimate transactions within the trust structure, thus not violating section 11(5) investment restrictions. Regarding section 68 additions, the tribunal held that loans from Sai Shiva Developers and other parties represented opening balances accepted in earlier years with confirmed transactions through banking channels, making them non-taxable for the assessment year under consideration. en-us Mon, 21 Apr 2025 00:00:00 +0530 Thu, 01 May 2025 08:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769744 ITAT Mumbai-AT allowed the appeal, directing deletion of additions made under sections 11 and 68. The tribunal found that advances to Rainbow Tech and Arun Muchhala entities were either opening balances from previous years or legitimate transactions within the trust structure, thus not violating section 11(5) investment restrictions. Regarding section 68 additions, the tribunal held that loans from Sai Shiva Developers and other parties represented opening balances accepted in earlier years with confirmed transactions through banking channels, making them non-taxable for the assessment year under consideration. Case-Laws Income Tax Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769744