Addition u/s. 68 not sustained in absence of any unexplained amount in bank statement: Gujarat HC

Amee Mahasukhlal Parekh As Lr of Late Mahasukhlal Navnidhlal Parekh Vs ITO (Gujarat High Court) Gujarat High Court held that addition under section 68 of the Income Tax Act not sustained as there is no unexplained amount in the bank statement and hence ingredients of section 68 not attracted. Facts- The petitioner is a legal heir of late Mahasukhlal Navnidhlal Parekh who filed the original return of income for the Assessment Year 2015-16 on 31.08.2015. Late Mahasukhlal Navnidhlal Parekh expired on 30.09.2019. The notice u/s. 148 of the Act was issued under the old regime for reassessment for ...