AO Relied on Bank Account Not Admitted by Taxpayer: ITAT Quashes Rs. 4 Crore Addition [Read Order]
Considering the failure of the AO to verify the ownership of bank accounts, the tribunal set aside the addition of Rs. 4 crore and directed the AO to obtain information from banks regarding the ownership of bank accounts
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) quashed an addition of over Rs. 4 crore after observing that the Assessing Officer (AO) had relied on a bank account which was not owned by the assessee. Amitsingh Vrajrajsingh Bhadoriya (assessee) engaged in the business of mattress trading. The AO made an addition of…
Your free access to Taxscan has Expired
To read the article, get a premium account.
Taxscan Premium
Why should you subscribe?
Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
