ITAT Chennai Allows Fresh Evidence to Challenge ₹3.79 Crore Addition u/s 68

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. ...