Section 68 Addition Upheld for Failure to Prove Genuineness of Advance: ITAT Delhi

Best City Projects India Pvt. Ltd. Vs ITO (ITAT Delhi) In the case before the Income Tax Appellate Tribunal (ITAT), Delhi, the assessee challenged the addition of ₹90 lakh made under Section 68 of the Income-tax Act, 1961 on account of alleged unexplained cash credit, claimed as advance received against sale of land. The matter originated from a search conducted on 15.09.2008, followed by assessment proceedings under Sections 153A/143(3). The addition was initially upheld by the Commissioner of Income Tax (Appeals) [CIT(A)]. Subsequently, the ITAT remanded the matter to the Assessing Officer...