https://www.taxtmi.com/caselaws?id=462990 The HC upheld the ITAT's decision deleting additions under s. 68 r.w.s. 115BBE related to unexplained creditors and liabilities. The Tribunal found that the increase in advances was primarily from one party and the rest were opening balances, with the assessee proving the genuineness and source of trade creditors. The PCIT did not dispute these factual findings. The HC held that the assessee discharged the onus under s. 68 to establish the identity and genuineness of the creditors. Consequently, the revision u/s 263 was not justified as the assessment order was neither erroneous nor prejudicial to revenue. The appeal by the assessee was allowed. en-us Mon, 28 Aug 2023 00:00:00 +0530 Wed, 08 Jul 2026 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462990 The HC upheld the ITAT's decision deleting additions under s. 68 r.w.s. 115BBE related to unexplained creditors and liabilities. The Tribunal found that the increase in advances was primarily from one party and the rest were opening balances, with the assessee proving the genuineness and source of trade creditors. The PCIT did not dispute these factual findings. The HC held that the assessee discharged the onus under s. 68 to establish the identity and genuineness of the creditors. Consequently, the revision u/s 263 was not justified as the assessment order was neither erroneous nor prejudicial to revenue. The appeal by the assessee was allowed. Case-Laws Income Tax Mon, 28 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462990