ITAT deletes section 69 Additions for deposits duly reflected in Broker Agency’s account

In a recent judgment, the Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) quashed additions made by the Assessing Officer (AO) to the declared income of taxpayer Kavita Samtani for the Assessment Year (AY) 2017-18. The ITAT’s order overturns findings upheld by the Commissioner of Income Tax (Appeals) [CIT(A)] in relation to undisclosed transactions and investments, on the grounds of lack of incriminating material.

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