Addition u/s. 68 set aside as source of credits disclosed: ITAT Mumbai

Uday Vithal Nagpure Vs ITO (ITAT Mumbai) ITAT Mumbai held that addition under section 68 of the Income Tax Act cannot be sustained as assessee disclosed the source of credits. It is also held that assessee has also disclosed source of source and hence addition cannot be sustained. Accordingly, appeal allowed. Facts- Assessee a resident individual, filed return of income on 28/03/2013 declaring total income of INR.1,51,860/-. Subsequently, the reassessment proceedings under Section 147 of the Act were initiated in the case of Assessee. After taking into consideration the above submissions, the ...