ITAT: Lump-Sum Addition Allowed, Section 115BBE Effective Post-April 2017

DCIT Vs Rai Bahadur Narain Singh Sugar Mills Ltd (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi bench has partially allowed an appeal filed by the Revenue against Rai Bahadur Narain Singh Sugar Mills Ltd for the Assessment Year 2017-18. The dispute centered on an addition of ₹91.77 lakhs made by the Assessing Officer (AO) under Section 68 of the Income-tax Act, 1961, classified as unexplained cash credits during the demonetization period. The assessee, a manufacturer of sugar, ethanol, liquor, and CO2 gas, had filed its return for AY 2017-18 declaring a total income of ₹17.81 cror...