Increase in exempt income due to typographical error: ITAT deletes addition

Mitren Natvarlal Thakkar Vs DCIT (ITAT Mumbai) Introduction: The Mitren Natvarlal Thakkar vs. DCIT case, recently adjudicated by the Income Tax Appellate Tribunal (ITAT) in Mumbai, sheds light on the intricacies surrounding Section 68 of the Income Tax Act. The appeal, arising from the assessment year 2016-17, challenged the addition of INR 84,06,734/- made by the Assessing Officer (AO) under Section 68. The case underscores the importance of maintaining accurate financial records and the consequences of inadvertent errors in income reporting. Background: Mitren Natvarlal Thakkar, the assessee...