Wrong ITR Figures Alone Can’t Trigger Section 68 Addition: ITAT Delhi

Priya Jain Vs ACIT (ITAT Delhi) Wrong ITR Figures ≠ Unexplained Cash Credit: Delhi ITAT Deletes ₹16.36 Cr Addition After AO’s Own Remand Verification The Delhi ITAT in Priya Jain vs ACIT deleted an addition of ₹16.36 crore made u/s 68, holding that mere correction of wrongly reported capital figures in the ITR cannot automatically lead to an unexplained cash credit addition when the assessee has substantiated the reconciliation with evidence. The assessee had originally shown opening capital of ₹3.67 crore in the earlier year, whereas the capital reflected in the current year stood a...