Addition u/s 68 beyond jurisdiction if amount already declared as turnover

Raj Kumar Vs ITO (ITAT Amritsar)

ITAT Amritsar held that addition under section 68 of the Income Tax Act is beyond jurisdiction as the amount is already declared as turnover and the said turnover is reflected in the books of account.

Facts- AO completed the assessment of the assessee u/s. 143(3) making addition of Rs 2,74,000,00/- out of total cash deposited during demonetization period at Rs 4,09,50,000/-.The addition has been made by AO alleging that the appellant had in

Please become a Premium member. If you are already a Premium member, login here to access the full content.