Aug 6
Section 68 Addition Cannot Rest Solely on Investigation Report: ITAT Mumbai ITAT Mumbai upheld the deletion of a ₹3.05 crore addition under Section 68, holding that an Investigation Wing report could not override comprehensive documentary evidence without an independent enquiry. Repayment of the loan and share application money through banking channels also supported the genuineness of the transactions.... https://gstindiaguide.com/itat-mumbai-agility-consultancy-section-68-addition/
#Accommodation Entry#Agility Consultancy#Agility Consultancy Private Limited#Assessment#Assessment Proceedings#Banking Channel#banking transactions#Cash Credit Addition#Corporate Tax#Creditworthiness#Creditworthiness of Creditor#Documentary Evidence#Genuineness#Genuineness of Transaction#Identity of Creditor#Income Tax#Income Tax Appeal#Income Tax Case Law#Income Tax Judgment#Income Tax Updates#Investigation Wing#Investigation Wing Report#ITAT case law#ITAT Judgment#ITAT Mumbai#Judicial Precedent#Judicial Updates#Loan Repayment#Revenue appeal#Section 143(2
