S. 68 of Income Tax Act not Invokable in absence of unexplained Amount in Bank Statement: Gujarat HC [Read Order]

The Court found that the reason given by the Assessing Officer for alleged escapement of Rs.3,25,00,000/- is not sustainable since there is no unexplained amount in the bank statement on record
Income Tax - Gujarat High Court - Income Tax Act - Section 68 of Income Tax Act - TAXSCAN

In a recent case, the Gujarat High Court stated that there cannot be any income escapement by the assessee if there is no unexplained amount in the bank statement on record. The Court found that the reason given by the Assessing Officer for alleged escapement of Rs.3,25,00,000/- is not sustainable since there is no unexplained…

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