ITAT Deletes ₹18.24 Crore Addition as Corrupted Computer Records cannot Override Audited Books

SV Milk & Milk Products Private Vs ACIT (ITAT Hyderabad) The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the assessee’s appeals for Assessment Years 2011-12 and 2012-13. For AY 2011-12, the Tribunal considered additions relating to share application money under Section 68, negative cash balance treated as unexplained expenditure under Section 69C, and cash payments for milk purchases. For AY 2012-13, it examined additions arising from reassessment, including an addition already set aside in earlier proceedings and disallowance of depreciation. Regarding...