ITAT Deletes Cash Credit Addition Due to No Adverse Findings in remand report

DCIT Vs Minal Intermediates (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) in Ahmedabad recently upheld the order by the Commissioner of Income Tax (Appeals) [CIT(A)] in the case of DCIT vs. Minal Intermediates. The Revenue had appealed against the CIT(A)’s decision to delete an addition of Rs. 2,14,53,435 under Section 68 of the Income Tax Act, which was initially imposed by the Assessing Officer (AO) for the assessment year 2016-17. The AO had previously categorized these credits as unexplained cash credits due to insufficient evidence provided by the assessee at the assessment ...