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Case Law Details

Case Name : Hiral Exports Vs ITO (ITAT Mumbai)
Related Assessment Year : 2012-13
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Hiral Exports Vs ITO (ITAT Mumbai)

In the case of Hiral Exports vs. Income Tax Officer (ITO), Mumbai, the Income Tax Appellate Tribunal (ITAT) delivered a significant verdict, overturning the addition of Rs.40,82,500 made by the assessing officer under section 68 of the Income Tax Act. The dispute arose from the treatment of funds received from M/s Vishal Gems by Hiral Exports during the assessment year 2012-13. Let’s delve into the details of this case and the reasoning behind the ITAT’s decision.

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