Source of Funds Adequately Explained: ITAT Deletes Addition under Section 68 of Income Tax Act [Read Order]

The source of funds was prima facie demonstrated or explained by the assessee
Income Tax Appellate Tribunal - Section 68 of the Income Tax act - Income Tax - Income Tax act - source of funds - taxscan

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted an addition under Section 68 of the Income Tax Act, 1961 concluding that the source of funds was prima facie sufficiently explained. The assessee Sunil Khaitan filed its return of income declaring total income of Rs. 40, 48,000/- for the A.Y. 2017-…

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
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1199 + GST for 1 year

Subscribe Now

taxscan-loader