No Section 68 Addition for Investments or Loans Not Credited in Relevant Year

Technosys Integrated Solutions Pvt Ltd Vs ACIT (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi has ruled in favor of Technosys Integrated Solutions Pvt Ltd, deleting additions made by tax authorities under Section 68 of the Income Tax Act, 1961, for unexplained cash credits. The case, pertaining to Assessment Year 2018-19, centered on investments totaling Rs. 45,15,000 received from various shareholders. Initially, the Assessing Officer had added a significant sum of Rs. 11,42,65,900 as unexplained cash credits. However, this amount was largely deleted, with only Rs. 45,15,000 remainin...