ITAT Deletes Addition After Taxpayer Explains Capital Enhancement Source

ACIT Vs Daya Rani (ITAT Delhi) In the case of ACIT Vs. Daya Rani, the Income Tax Appellate Tribunal (ITAT) addressed an appeal filed by the Revenue against the order issued by the Commissioner of Income Tax (Appeals)-3, Noida, regarding the assessment under sections 153A/143(3) of the Income Tax Act, 1961 for the Assessment Year 2019-20. The Revenue raised two primary grounds in its appeal: The deletion of an addition of Rs. 89,70,600/- made by the Assessing Officer (AO) under section 68 of the Income Tax Act, 1961, concerning unexplained capital enhancement. The reliance placed by the Commis...