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ITAT Quashes ₹13.87 Crore Addition Under Section 68 for HUF Bank Credits
Case Law Details
- Case Name
- Nikulbhai Chaturbhai Patel-HUF Vs NFAC (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Ahmedabad
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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...
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