Addition u/s. 68 without considering revised gross receipts not sustainable

Ramel Ajit Singh Vs ITO (ITAT Mumbai)

ITAT Mumbai held that the cash deposited is out of the gross receipts and that once gross receipts are disputed then no addition is sustainable under section 68 of the Income Tax Act. Accordingly, appeal allowed to that extent and addition deleted.

Facts- The case of assessee was reopened under section 147 of the Income Tax Act, 1961. Case was reopened on the basis of information received from ITO, Mumbai that assessee is one of the members in Himachal Mitra Mandal Co-op Credit Society and during the year under considera

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