CIT(A) correctly deleted additions u/s 68, restricted income estimation, dismissed Revenue's appeal.

The Commissioner of Income Tax (Appeals) [CIT(A)] deleted additions under Section 68 of the Income Tax Act and restricted income estimation, leading to the dismissal of the Revenue's appeal. CIT(A) admitted evidence not initially presented to the Assessing Officer, as permitted under Rule 46(4). The addition of a Rs. 60 lakh unsecured loan from the taxpayer's mother was deleted after reviewing relevant materials. Additions for sundry creditors were also deleted, as they were settled in subsequent years and were part of business transactions. No additions were justified under Section 41(1) for these creditors. The Income Tax Appellate Tribunal (ITAT) upheld these decisions. .....

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