https://www.taxtmi.com/caselaws?id=777062 ITAT DELHI - AT upheld the CIT(A)'s deletion of additions under section 68, finding the assessee had produced bank statements, confirmations, balance-sheets and returns of creditors and that the AO's remand report contained no adverse findings; therefore creditors' creditworthiness and genuineness were established and the SC authority relied upon was distinguishable. The Tribunal also rejected the revenue's claim disallowing depreciation, holding the assessee had furnished adequate bills/vouchers and evidence of asset use. Decision for revenue was dismissed; appeals allowed in favour of assessee. en-us Wed, 08 Jan 2025 00:00:00 +0530 Sat, 23 Aug 2025 08:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777062 ITAT DELHI - AT upheld the CIT(A)'s deletion of additions under section 68, finding the assessee had produced bank statements, confirmations, balance-sheets and returns of creditors and that the AO's remand report contained no adverse findings; therefore creditors' creditworthiness and genuineness were established and the SC authority relied upon was distinguishable. The Tribunal also rejected the revenue's claim disallowing depreciation, holding the assessee had furnished adequate bills/vouchers and evidence of asset use. Decision for revenue was dismissed; appeals allowed in favour of assessee. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777062