Amount already disclosed before Settlement Commission cannot be added against u/s. 68

PCIT Vs R B Farms And Estates Pvt. Ltd. (Delhi High Court) Delhi High Court held that addition of unsecured loans under section 68 of the Income Tax Act rightly deleted since the said amount is already disclosed before Income Tax Settlement Commission. Accordingly, appeal of revenue dismissed. Facts- The present appeal has been preferred by the revenue. Notably, CIT(A) had allowed the Assessee’s appeal and set aside the additions made by the Assessing Officer u/s. 68 of the Act on account of unsecured loans reflected as ‘Receipts’ from two entities – M/s Earthworks Metallurgicals ...