https://www.taxtmi.com/caselaws?id=779187 ITAT, Chennai held that additions made u/s. 68 for AYs 2015-16 and 2016-17 were unsustainable because the credits were pre-existing opening balances or bona fide trade payables/receivables supported by audited books and VAT/GST records, not fresh unexplained credits. Consequential additions treating those entries as income were deleted. Additions in respect of multiple creditors were directed to be deleted, and the penalty u/s. 271(1)(c) based on those additions was also deleted. Appeals by the assessee were allowed. en-us Fri, 26 Sep 2025 00:00:00 +0530 Tue, 30 Sep 2025 08:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779187 ITAT, Chennai held that additions made u/s. 68 for AYs 2015-16 and 2016-17 were unsustainable because the credits were pre-existing opening balances or bona fide trade payables/receivables supported by audited books and VAT/GST records, not fresh unexplained credits. Consequential additions treating those entries as income were deleted. Additions in respect of multiple creditors were directed to be deleted, and the penalty u/s. 271(1)(c) based on those additions was also deleted. Appeals by the assessee were allowed. Case-Laws Income Tax Fri, 26 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779187