ITAT Mumbai Upholds Deletion of Rs. 4.24 Crore Unexplained Cash Credit

ITO Vs Sarla Murli Teckchandani (ITAT Mumbai) In a case between the Income Tax Officer (ITO) and Sarla Murli Teckchandani, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has upheld a decision to delete an addition of over Rs. 4.24 crore made under Section 68 of the Income Tax Act, 1961. The appeal, filed by the Revenue, challenged the order of the National Faceless Appeal Centre (NFAC), which had ruled in favor of the assessee, Sarla Murli Teckchandani. The ITAT’s decision affirmed that the assessee had provided a satisfactory explanation for the funds credited to her bank acc...