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ITAT Chennai Allows Fresh Evidence to Challenge ₹3.79 Crore Addition u/s 68
Case Law Details
- Case Name
- Vasudhevan Muralidharan Vs ITO (ITAT Chennai)
- 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 Chennai
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Vasudhevan Muralidharan Vs ITO (ITAT Chennai)
₹3.79 Cr Addition u/s 68 Remanded – ITAT Allows Assessee to Prove Sale of Agri Lands with Fresh Evidence
The appeal concerned, an individual engaged in the bakery business, for AY 2018-19. The dispute arose from an addition of ₹3.79 crore u/s 68 made by AO, treating the capital introduced in Assessee’s books as unexplained cash credit.
During scrutiny, AO noted that Assessee had introduced capital of ₹3.85 crore in his business. Assessee explained that the funds were sourced from the sale of two agricultural lands & two vacant plots. ...
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