Section 68 Addition on Sale of Previously Disclosed Shares Deleted to Avoid Double Taxation: ITAT Delhi

ITO Vs Srishti Fincap Pvt. Ltd. (ITAT Delhi) The Revenue filed an appeal before the ITAT Delhi challenging the order of the Commissioner of Income Tax (Appeals) deleting an addition of Rs. 25,10,000 made under Section 68 of the Income-tax Act for Assessment Year 2004-05. The Assessing Officer (AO) had reopened the assessment under Section 147 and issued notice under Section 148 based on information received from the Investigation Wing alleging that the assessee had received accommodation entries through an entity named Exclusive Garments. The assessee explained that it had received two account...