ITAT Deletes Section 68 Addition as Sale Proceeds Were Realisation of Earlier Investment

Brij Resources Pvt. Ltd. Vs ITO (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal (ITAT), Delhi, arose from the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Year (AY) 2010-11, involving reassessment proceedings under Sections 147 and 148 and additions made under Section 68 of the Income-tax Act. The assessee had originally filed its return declaring income of ₹7,380, which was processed under Section 143(1). Subsequently, based on information received from the Investigation Wing regarding alleged accommodation entries provided by entities controlle...