Section 68 Addition of ₹11.66 Cr Unsustainable Without Evidence: ITAT Delhi

ITO Vs AGL Logistics Pvt. Ltd. (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi has dismissed an appeal by the Income Tax Officer (ITO) against AGL Logistics Private Limited, thereby upholding the deletion of a significant tax addition of ₹11.73 crore. The tribunal’s decision reaffirms that an Assessing Officer (AO) cannot make a tax addition based solely on unverified Suspicious Transaction Report (STR) information without conducting further, independent verification. The case originated from the assessment proceedings for the financial year 2018-19, during which the AO, based on S...