Capital Balance Explained Through Earlier Year’s ITR: ITAT Agra deletes Addition

ITO Vs Gunjan Gupta Batra (ITAT Agra) Capital Balance Explained Through Earlier Year’s ITR – ITAT Agra Upholds Deletion of ₹2.35 Cr Addition Revenue challenged CIT(A)’s order deleting an addition of ₹2.35 crore made by AO as unexplained capital u/s 68. AO held that Assessee had shown sudden capital introduction of ₹2.35 crore in A.Y. 2016-17, whereas no capital was reflected in A.Y. 2015-16 ITR. CIT(A) accepted Assessee’s explanation that the amount represented accumulated savings from prior years, duly assessed & taxed, &  not fresh introduction. He relied on the scruti...