Additions on Both Asset & Liability Side Violate Taxation Principles: ITAT Ahmedabad

Beena Jashwantbhai Patel Vs ACIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, allowed the appeal filed by the legal heir of the deceased assessee, Beena Jashwantbhai Patel, against an order by the Commissioner of Income Tax (Appeals) / National Faceless Appeal Centre (NFAC). The original assessment order, under section 144 of the Income-tax Act, had added Rs. 18,47,75,393/- to the assessee income, covering unsecured loans, sundry debtors, and other assets. This addition was made due to the assessee lack of response, and the NFAC upheld it by dismissing the assessee app...