Addition of Rs. 23 Crores Without any Evidence: Madras HC quashes Addition of Income u/s 68 of Income Tax Act [Read Order]

The Court observed that there is nothing to indicate that the appellate authority independently applied his mind. The conclusions are in the nature of ipse dixit and no supporting reasons are discernible
Income Tax Act - Madras High Court - appellate authority - Income - TAXSCAN

The Madras High Court quashed the addition of Rs. 23 Crores under section 68 of the Income Tax Act, 1961 as it was added without any evidence. The Court remanded the matter for reconsideration by the appellate authority. Sohan Raj Khanted Guvanthraj, the petitioner had filed his income tax returns for the assessment year 2020…

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