https://www.taxtmi.com/caselaws?id=775671 The ITAT DELHI upheld the CIT(A)'s deletion of the addition under section 68 relating to an increase in unsecured loan liability, finding that the assessee had furnished confirmed account copies, reconciliations, PAN details, and invoices linking sundry creditors and current liabilities to the audited balance sheet. The AO's rejection of the books under section 145(3) was without any pointed defects. The CIT(A) found the assessee maintained proper records, deducted and deposited TDS, and the AO ignored these facts. The tribunal found no infirmity in the CIT(A)'s order and dismissed the revenue's grounds. Consequently, penalty proceedings under section 271(1)(c) failed as they were contingent on the quantum addition, which was decided in favor of the assessee. en-us Wed, 04 Jun 2025 00:00:00 +0530 Tue, 29 Jul 2025 08:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775671 The ITAT DELHI upheld the CIT(A)'s deletion of the addition under section 68 relating to an increase in unsecured loan liability, finding that the assessee had furnished confirmed account copies, reconciliations, PAN details, and invoices linking sundry creditors and current liabilities to the audited balance sheet. The AO's rejection of the books under section 145(3) was without any pointed defects. The CIT(A) found the assessee maintained proper records, deducted and deposited TDS, and the AO ignored these facts. The tribunal found no infirmity in the CIT(A)'s order and dismissed the revenue's grounds. Consequently, penalty proceedings under section 271(1)(c) failed as they were contingent on the quantum addition, which was decided in favor of the assessee. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775671