Section 68 Addition Set Aside for Non-Consideration of Evidence

Bilasraika Sponge Iron India Private Limited Vs ITO (ITAT Hyderabad) Cash Seized by Police: ITAT Hyderabad Remands Section 68 Addition for Non-Consideration of Assessee’s Reply The Hyderabad Bench of the ITAT set aside the addition of ₹30 lakh made under section 68 on account of cash seized by the police from the assessee company’s employees and remanded the matter to the Assessing Officer for fresh adjudication. The Tribunal noted that although the AO recorded in the assessment order that the assessee had not filed any reply to the show-cause notice, the record clearly showed that the a...