ITAT Quashes ₹13.87 Crore Addition Under Section 68 for HUF Bank Credits

Nikulbhai Chaturbhai Patel-HUF Vs NFAC (ITAT Ahmedabad) Background: The core dispute concerns additions under section 68 of the Income Tax Act in respect of alleged unexplained credits in bank accounts of Nikulbhai Chaturbhai Patel-HUF for AY 2016-17. The assessee had declared total income of ₹4,19,220, incorporating all banking transactions in its books of accounts. However, reassessment proceedings were initiated under sections 147 and 144B based on information from the Income Tax Insight Portal regarding high-value non-cash transactions totaling ₹13.87 crore across six bank accounts all...