Addition u/s. 68 matter send back for de novo proceedings due to unclear information: ITAT Bangalore

Ryatar Sahakari Sakkare Karkhane Niyamit Vs ITO (ITAT Bangalore) ITAT Bangalore held that addition under section 68 of the Income Tax Act towards unexplained money send back for de novo reassessment due to difference in amounts and unclear information. Facts- The assessee filed return of income in the status of AOP on 28.09.2016 declaring NIL income after set off of brought forward loss. As per information available with the department, Shri Doshi Amrutlal Talakchand is involved in suspicious transactions and assessee is one of the beneficiaries involving amount of Rs.198,05,82,912. The AO aft...