Assessee Proves Identity & Source – ₹39 Cr Section 68 Addition quashed

PCIT Vs Ambe Tradecorp Private Limited (Gujarat High Court) In a recent judgment, the Gujarat High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT), which had deleted an addition of ₹39,05,50,000 made under Section 68 of the Income Tax Act, 1961, against Ambe Tradecorp Private Limited. The court’s ruling affirmed that the assessee had sufficiently discharged its legal burden to prove the identity and creditworthiness of a creditor, as well as the genuineness of the transaction. The case arose from a reassessment initiated following a search operation on the JP Isco...