No section 68 addition in the hands of conduit entity

Standard Fiscal Markets Pvt. Ltd. Vs DCIT (ITAT Mumbai) Introduction: In a recent ruling by the Income Tax Appellate Tribunal (ITAT) Mumbai in the case of Standard Fiscal Markets Pvt. Ltd. vs DCIT, the tribunal has addressed the issue of addition under Section 68 for loans received by the taxpayer. The case involves a search conducted under Section 132 and subsequent proceedings under Section 153C of the Income Tax Act. Facts: A search was conducted u/s. 132 of the Act and the ledger of the assessee was found in the digital data backup seized from the premises of M/s Trimax IT Infrastructure ...