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ITAT Rectifies Overestimated Income: ₹6.59Cr Addition Slashed Drastically
Case Law Details
- Case Name
- Kannadasan Vs DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Kolkata
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Kannadasan Vs DCIT (ITAT Kolkata)
When Figures Are Misunderstood, Additions Fail: Tribunal Rewrites Entire Assessment- CIT(A) Misread Balance Sheet: ITAT Deletes Entire Sundry Creditor Addition – Huge Additions of ₹89.89L & ₹6.59Cr Collapse After Reconciliation Before ITAT Kolkata
AO made addition of ₹89,89,366 alleging unexplained increase in sundry creditors. CIT(A) deleted this but wrongly added ₹14,54,029 by comparing total current liabilities in the audited balance sheet with only sundry creditors figure in ITR. Tribunal held CIT(A) completely misconstrued facts: ₹19,...
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