AO made error in considering the clerical mistake in consolidated amount of capital: ITAT deleted addition

Ankur Bansal Vs DCIT (ITAT Raipur)

Assessee is engaged in the business of transportation in the name of M/s Tanvi Roadways. He filed his return at Rs. 97,46,160/-, which has been assessed u/s 143(3) r.w.s. 144B at Rs. 2,68,80,894/-. Income was enhanced on account of increase in capital balance treating it to be unexplained cash credit u/s 68 for Rs. 1,61,29,215/-. Another addition was on account of long-term capital gain on sale of property at Rs. 10,05,519/-. Appeal filed by the assessee was dismissed.

It is submitted on behalf of assessee that he is engaged in the business

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