ITAT Rectifies Overestimated Income: ₹6.59Cr Addition Slashed Drastically

Kannadasan Vs DCIT (ITAT Kolkata) When Figures Are Misunderstood, Additions Fail: Tribunal Rewrites Entire Assessment- CIT(A) Misread Balance Sheet: ITAT Deletes Entire Sundry Creditor Addition – Huge Additions of ₹89.89L & ₹6.59Cr Collapse After Reconciliation Before ITAT Kolkata AO made addition of ₹89,89,366 alleging unexplained increase in sundry creditors. CIT(A) deleted this but wrongly added ₹14,54,029 by comparing total current liabilities in the audited balance sheet with only sundry creditors figure in ITR. Tribunal held CIT(A) completely misconstrued facts: ₹19,...