ITAT Overturns AO’s Addition of Rs. 1.4 Lakh u/s 68, Validating Assessee’s Cash and Insurance Payment Accounting [Read Order]

The ITAT found that the AO had failed to provide sufficient justification for labeling this amount as unexplained

By Sneha Sukumaran Mullakkal - On November 5, 2024 10:19 am - 2 mins read

ITAT - ITAT Visakhapatnam - Income Tax - Section 68 of the Income Tax Act - Income Tax Act - Taxscan

The Visakhapatnam Bench of Income Tax Appellate Tribunal ( ITAT ) overturned the Assessing Officer ( AO )’s addition of Rs. 1.4 lakh under section 68 of the Income Tax Act,1961 validating the assessee’s accounting of cash and an insurance payment made on behalf of his partnership firm. Aravind Reddy Devagiri, appellant-assessee, was a managing…

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