The case pertains to the validity of reopening of assessment and addition made u/s 68 as unexplained...

The case pertains to the validity of reopening of assessment and addition made u/s 68 as unexplained cash credit. The key points are: The assessee had duly recorded the derivative gain from M/s. Latin Manharlal Securities Pvt. Ltd. in the financial statements, rendering the basis for reopening factually incorrect. The assessment proceedings revolved around alleged parties claiming losses and evading taxes, whereas the assessee earned derivative gains. The Assessing Officer (AO) erroneously treated the profit as unexplained cash credit u/s 68, despite the assessee including it in the profit and loss account. Even if the income is deemed illegal, it cannot be added u/s 68 as unexplained cash credit. The AO should have reduced the amount from ..... .....

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