Wrong Section Mention Is Curable, But Addition Needs Valid Legal Basis: ITAT Mumbai

Navodit Singh Vs Prakhyat land Developers Private Limited  (ITAT Mumbai) Wrong invocation of section 68 instead of section 69C is a curable defect under section 292B, but the addition can survive only if the conditions of the correct charging provision are independently satisfied: ITAT Mumbai Summary: The Mumbai ITAT held that an addition cannot automatically survive merely because the Assessing Officer invoked the wrong provision of law, but the matter must still be examined on merits. The dispute arose when the Assessing Officer treated a difference in unsecured loan repayment as unexplai...