https://www.taxtmi.com/caselaws?id=781683 ITAT, Mumbai (AT) upheld reopening under s.148 as valid, finding the AO had sufficient material and proper approval. The Tribunal deleted the s.68 addition treating derivative trading losses as fictitious, holding there was no independent evidence or enquiry showing the trades were sham and the assessee had produced contract notes, bank records and broker statements. Conversely, additions of unsecured loans under s.68 were sustained where the assessee failed to prove identity, genuineness and creditworthiness of lenders; the Tribunal required production of ITRs, confirmations and bank statements and remitted scrutiny to the AO. en-us Tue, 28 Oct 2025 00:00:00 +0530 Wed, 19 Nov 2025 08:52:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781683 ITAT, Mumbai (AT) upheld reopening under s.148 as valid, finding the AO had sufficient material and proper approval. The Tribunal deleted the s.68 addition treating derivative trading losses as fictitious, holding there was no independent evidence or enquiry showing the trades were sham and the assessee had produced contract notes, bank records and broker statements. Conversely, additions of unsecured loans under s.68 were sustained where the assessee failed to prove identity, genuineness and creditworthiness of lenders; the Tribunal required production of ITRs, confirmations and bank statements and remitted scrutiny to the AO. Case-Laws Income Tax Tue, 28 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781683