AO cannot disallow Sum credit in books under Section 68

Shri Hitesh Kumar Gupta Vs ITO (ITAT Jaipur) The issue under consideration is whether the addition made by AO u/s 68 of Income tax Act, 1961 is justified in law? In the present case, the Assessing Officer made the addition of capital employed in the business U/s 68, on the ground that the assessee must be requiring the funds to run the business as he makes credit sales. ITAT states that the Assessing Officer made the addition U/s 68 on the ground that sales are made on credit basis and funds would be required/tied up in sundry debtors. In our view, such an addition cannot be sustained by invok...