No Section 68 Addition When Capital Introduction Pertains to Another Year

ACIT Vs Ashok Ramulbhaya Malhotra (ITAT Ahmedabad) No Section 68 Addition When Capital Introduction Pertains to Another Year: The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue’s appeal for AY 2017-18, upholding the deletion of ₹2.27 crore addition under section 68 made on account of alleged unexplained capital introduction. The Assessing Officer had treated deposits of ₹2,27,18,959 made with M/s Honeyvick Enterprises Pvt. Ltd. and credited to the assessee’s capital account as unexplained cash credits, on the ground that no supporting evidence was fur...