Income Already Taxed Cannot Be Reassessed as Unexplained Cash Credit: ITAT Ahmedabad

Dipakkumar Pushkarray Vyas Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench has overturned an addition of ₹41,99,500/- made by the Assessing Officer (AO) to the income of Dipakkumar Pushkarray Vyas, proprietor of M/s. Krupa Jewellers, for the assessment year 2012-13. The Tribunal ruled that income already accounted for in audited books and subjected to taxation cannot be re-added as an unexplained cash credit, emphasizing the principle against double taxation. The appeal, filed against an order by the National Faceless Appeal Centre (NFAC), Delhi, focused...