Creditor Confirmed in Both Books: Section 68 Addition Reopened for Verification

Abdul Muqeed Mohammed Vs ITO (ITAT Hyderabad) Creditor Confirmed in Both Books: Section 68 Addition Reopened for Verification The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) condoned a delay of 223 days in filing the appeal and set aside the addition of ₹3.06 crore made under section 68, holding that the assessee had demonstrated bona fide reasons for the delay and had produced crucial additional evidence going to the root of the matter. The addition arose because the Assessing Officer treated a sundry creditor (M/s A.A. Nayeem Beedi Leaves) as unexplained solely on the groun...