Section 68 Addition Deleted as No Credit Entry Found in Books

Jigna Ashutosh Bhatt Vs ITO (ITAT Mumbai) Section 68 Addition Based Solely on Third-Party Statement Deleted—No Credit Entry, No Evidence The Mumbai ITAT (J–SMC Bench) allowed the appeal of Jigna Ashutosh Bhatt for AY 2011-12 and deleted the addition of ₹39 lakh made under section 68, which arose from reassessment proceedings. The Tribunal held that: Section 68 can be invoked only when a sum is found credited in the assessee’s books. In the present case, no credit entry whatsoever existed, making the very foundation of section 68 inapplicable. The addition was based solely on a thir...