https://www.taxtmi.com/caselaws?id=772182 ITAT Ahmedabad upheld CIT(A)'s decision regarding additions under section 68. The assessee company had given a short-term advance to an entity and received it back through banking channels within the same financial year. Despite the entity's proprietor admitting his concerns were paper entities, the tribunal found no tax evasion as the transaction was squared off in books. For another entity, CIT(A) reasonably restricted disallowance to 10% gross profit as the department lacked evidence of fund receipt. The tribunal confirmed genuine sales were established through proper documentation including ledger confirmations, invoices, and transporter bills. en-us Fri, 04 Apr 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772182 ITAT Ahmedabad upheld CIT(A)'s decision regarding additions under section 68. The assessee company had given a short-term advance to an entity and received it back through banking channels within the same financial year. Despite the entity's proprietor admitting his concerns were paper entities, the tribunal found no tax evasion as the transaction was squared off in books. For another entity, CIT(A) reasonably restricted disallowance to 10% gross profit as the department lacked evidence of fund receipt. The tribunal confirmed genuine sales were established through proper documentation including ledger confirmations, invoices, and transporter bills. Case-Laws Income Tax Fri, 04 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772182