https://www.taxtmi.com/caselaws?id=775031 The ITAT Delhi ruled in favor of the assessee regarding additions made under section 68 of the Income Tax Act. The case involved transactions that were not recorded in the assessee's books of accounts, though these transactions were properly recorded in the books of the companies providing advances. The tribunal held that section 68 provisions do not apply to transactions that are not recorded in the assessee's own books of accounts. Relying on precedent, the ITAT directed the Assessing Officer to delete the additions made under section 68 for assessment years 2018-19 and 2019-20, concluding that the statutory provisions were inapplicable to the specific circumstances of unrecorded transactions in the assessee's books. en-us Mon, 30 Jun 2025 00:00:00 +0530 Fri, 18 Jul 2025 08:22:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775031 The ITAT Delhi ruled in favor of the assessee regarding additions made under section 68 of the Income Tax Act. The case involved transactions that were not recorded in the assessee's books of accounts, though these transactions were properly recorded in the books of the companies providing advances. The tribunal held that section 68 provisions do not apply to transactions that are not recorded in the assessee's own books of accounts. Relying on precedent, the ITAT directed the Assessing Officer to delete the additions made under section 68 for assessment years 2018-19 and 2019-20, concluding that the statutory provisions were inapplicable to the specific circumstances of unrecorded transactions in the assessee's books. Case-Laws Income Tax Mon, 30 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775031