https://www.taxtmi.com/caselaws?id=770893 ITAT Delhi upheld CIT(A)'s decision deleting addition u/s 68 regarding transactions with directors. The assessee successfully proved creditworthiness and genuineness of transactions through banking channels with adequate opening balances and proper documentation. AO erred by adding difference between opening and closing balances without examining account entries. ITAT also upheld deletion of disallowance for liquor stock loss due to repair work, finding no reason to disbelieve assessee's version that bottles were broken during premises repair. Revenue's appeal dismissed on both grounds. en-us Fri, 09 May 2025 00:00:00 +0530 Sat, 17 May 2025 08:39:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770893 ITAT Delhi upheld CIT(A)'s decision deleting addition u/s 68 regarding transactions with directors. The assessee successfully proved creditworthiness and genuineness of transactions through banking channels with adequate opening balances and proper documentation. AO erred by adding difference between opening and closing balances without examining account entries. ITAT also upheld deletion of disallowance for liquor stock loss due to repair work, finding no reason to disbelieve assessee's version that bottles were broken during premises repair. Revenue's appeal dismissed on both grounds. Case-Laws Income Tax Fri, 09 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770893