ITAT deletes addition made by CIT(A) without adequate justification 

Krimesh Ramesh Divecha Vs DCIT (ITAT Mumbai) The case of Krimesh Ramesh Divecha Vs DCIT, adjudicated by ITAT Mumbai, involves a dispute over the assessment of income for the Assessment Year 2015-16. The appellant contested an order passed by the NFAC, Delhi, under section 143(3) of the Income Tax Act, 1961, concerning turnover from derivative transactions. The dispute centered on discrepancies between the turnover declared by the assessee and additional turnover assessed by the assessing officer. Krimesh Ramesh Divecha declared a turnover of Rs. 42,61,003 from derivative transactions under sec...