Addition u/s. 68 deleted as source of funds proved: ITAT Delhi

Raksha Buildtech Private Limited Vs ITO (ITAT Delhi) ITAT Delhi held that addition under section 68 of the Income Tax Act cannot be sustained as assessee has proved the source of funds for purchase of land made in earlier assessment year. Accordingly, appeal allowed. Facts- The assessee company was incorporated on 14.08.2006 and assessee is a builder, developers, colonizers, civil contractors and maintainers of residential buildings, flats, colonies, township and commercial premises etc. The assessee is a subsidiary of M/s. Emaar MGF Land Limited having 100% shares in the assessee company. Dur...