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GST Component in Turnover Reconciliation Defeats Section 68 Addition: ITAT Delhi
Case Law Details
- Case Name
- ACIT Vs Tarun Tulsian (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Tarun Tulsian (ITAT Delhi)
The ITAT Delhi dismissed the Revenue’s appeal against the order of the CIT(A)/NFAC for AY 2018-19, which had deleted an addition of ₹6,68,43,219 made under Section 68 of the Income-tax Act, 1961. The Assessing Officer had treated the difference between the assessee’s disclosed turnover of ₹14,82,43,587 and cash deposits of ₹21,52,03,300 in two bank accounts as unexplained cash credits after giving credit for the returned income.
During the appellate proceedings, the assessee explained that, while computing the alleged unexplained income, the Assessi...
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