https://www.taxtmi.com/highlights?id=93586 ITAT holds that approvals under s.153D were granted mechanically and, being invalid, vitiate assessment orders framed under s.153A read with s.153D for AYs 2014-15 to 2019-20, which are quashed. Tribunal rules that additions under s.68 cannot be made for opening balances or notional book entries representing earlier years; such amounts and alleged unsecured loans shown as carried-forward balances are not exigible in the year under assessment and are deleted. Where books were rejected u/s 145(3) and best-judgment estimation u/s 144 was applied, no separate s.68 addition could be sustained. Alleged inter-unit profits cannot be recharacterized to avoid double taxation absent corroborative evidence. en-us Mon, 27 Oct 2025 09:17:15 +0530 Mon, 27 Oct 2025 09:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=93586 ITAT holds that approvals under s.153D were granted mechanically and, being invalid, vitiate assessment orders framed under s.153A read with s.153D for AYs 2014-15 to 2019-20, which are quashed. Tribunal rules that additions under s.68 cannot be made for opening balances or notional book entries representing earlier years; such amounts and alleged unsecured loans shown as carried-forward balances are not exigible in the year under assessment and are deleted. Where books were rejected u/s 145(3) and best-judgment estimation u/s 144 was applied, no separate s.68 addition could be sustained. Alleged inter-unit profits cannot be recharacterized to avoid double taxation absent corroborative evidence. Highlights Income Tax Mon, 27 Oct 2025 09:17:15 +0530 https://www.taxtmi.com/highlights?id=93586