ITAT Delhi Deletes ₹30 Crore Additions u/s 68 – Cheque Issued Before Year-End Valid Payment

ACIT Vs VNG Impex P. Ltd (ITAT Delhi) ITAT Delhi Deletes ₹30 Crore Additions u/s 68 Upholds Capital Loss Claim – AO Ignored Evidence Natural Justice-  Cheque Cleared Later Still a Payment – No Scope for s.68 Additions- Tribunal Slams Mechanical section 68 Additions Assessee, engaged in share trading, filed return declaring loss of ₹ 23.37 crores. AO noted receipt of ₹ 11.45 crores from Naïve Construction Pvt. Ltd. & ₹ 9.80 crores from Vigil Real Estate Pvt. Ltd.; part of these liabilities were discharged through cheques dated 31-03-2012 but cleared in June 2012. AO treate...