Section 69A Addition Unsustainable When Sales Already Taxed: ITAT Ahmedabad

Kartik Clothing & Fabrics Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, adjudicated an appeal filed by Kartik Clothing & Fabrics Pvt. Ltd. for the Assessment Year (A.Y.) 2018-19, challenging the addition of ₹1,16,32,855/- made by the Assessing Officer (AO) and sustained by the Commissioner of Income Tax (Appeals) (CIT(A)) under Section 69A of the Income-tax Act, 1961. The assessee, a company engaged in denim cloth trading, had initially filed a return declaring an income of ₹35,97,610/-. The case was reopened after the AO received inf...