Gujarat HC Upholds ITAT, Deletes Additions on F&O Profit, Capital Increase & Investment

PCIT Vs Manoj Ganeshlal Bhatia (Gujarat High Court)

The Gujarat High Court addressed an appeal filed by the Principal Commissioner of Income Tax (PCIT) against the Income Tax Appellate Tribunal (ITAT) order, which had upheld the Commissioner of Income Tax (Appeals) [CIT(A)]’s decision to delete three additions made by the Assessing Officer (AO) to the income of the assessee, Manoj Ganeshlal Bhatia, for the Assessment Year 2015-16. The assessee had declared an income of ₹1.27 crore. The AO had made additions of ₹3.97 crore related to differences in profit from Futures &

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