https://www.taxtmi.com/caselaws?id=780261 ITAT held the s.153D approval was mechanical and invalid, quashing assessments framed under ss.153A/153D for AYs 2014-15 to 2019-20. Additions under s.68 for opening balances and alleged unsecured loans were deleted: opening balances and notional ledger entries cannot be treated as unexplained credits in the year under consideration, and once books were rejected u/s 145(3) with income estimated u/s 144, no separate s.68 addition could be sustained. Claims regarding loans from related business units must be examined in those lenders' assessments and cannot be imputed to the assessee to create double taxation. en-us Wed, 15 Oct 2025 00:00:00 +0530 Thu, 16 Oct 2025 18:52:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780261 ITAT held the s.153D approval was mechanical and invalid, quashing assessments framed under ss.153A/153D for AYs 2014-15 to 2019-20. Additions under s.68 for opening balances and alleged unsecured loans were deleted: opening balances and notional ledger entries cannot be treated as unexplained credits in the year under consideration, and once books were rejected u/s 145(3) with income estimated u/s 144, no separate s.68 addition could be sustained. Claims regarding loans from related business units must be examined in those lenders' assessments and cannot be imputed to the assessee to create double taxation. Case-Laws Income Tax Wed, 15 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780261