Regrouping of liabilities: ITAT Hyderabad deleted ₹7 crore Section 69 addition

ACIT Vs Net Net Ventures Pvt. Ltd (ITAT Hyderabad) ITAT Hyderabad Partly Allows Revenue Appeal – Repayment to Net Net Web Treated as Regrouping, Other Issues Remanded Hyderabad Tribunal delivered order in Revenue’s appeal against CIT(A) order dated 09.01.2025 in the case of Net Net Ventures Pvt. Ltd., a real estate company. 1.Repayment to Net Net Web (₹7.00 Cr) AO treated closing balance of ₹7,00,98,081/- shown in FY 2016-17 under “Other Current Liabilities” as repaid in FY 2017-18 & taxed u/s 69. CIT(A) found no repayment; it was mere regrouping from “Other Current Liabilit...