Journal Entries Not Cash Credits, ₹10.51 Cr Addition Deleted by ITAT Delhi

Adhunik Technology P. Ltd. Vs ACIT (ITAT Delhi) Journal Entries Not “Cash Credits”: ₹10.51 Cr Addition Deleted – Section 68 Not Applicable Without Cash Inflow- AO Should Invoke s.41(1) for Cessation, Not Section 68 Assessee’s case was scrutinized regarding unsecured loans & sundry creditors of ₹15.37 crore from 8 parties. AO found some creditors non-existent & observed immediate cash deposits before cheque issuance, concluding they were accommodation entries. AO added ₹15.38 crore u/s 68 as unexplained cash credits. In appeal, CIT(A) restricted addition to ₹10.51 cr...