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

By Aiswarya Krishnadas - On May 24, 2024 4:19 pm - 2 mins read

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-…

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Topics

Assessing Officer CIT(A)IncomeTax Appellate Tribunal ITAT ITAT Kolkata Section 143(2) of the Income Tax Act Source of funds