Addition made u/s 56(2)(x) of Income Tax Act due to Failure of Disclosure of Income on Bank Account: ITAT Directs Re-adjudication [Read Order]

By Shabna Rahim - On June 14, 2023 9:30 pm - 2 mins read

Re-adjudication - Income Tax Act - Failure of Disclosure - Income on Bank Account - ITAT - TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT) directed re-adjudication for the addition made by the assessing officer under section 56(2)(x) of the Income Tax Act,1961 due to the failure of disclosure of income on the bank account. Benudhar Gokulanand Biswal, the appellant assessee was engaged in the business of manufacturing transformers…

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