No section 68 addition in absence of actual receipt of money & for accounting mistake

Mehboob Amirali Kamdar Vs ITO (ITAT Mumbai) Introduction: In the recent case of Mehboob Amirali Kamdar vs. ITO, the Income Tax Appellate Tribunal (ITAT) in Mumbai rendered an important decision. The case revolved around a disputed addition under Section 68 of the Income Tax Act, concerning unexplained cash credits. The primary issue at hand was a discrepancy in the amount shown as received from M/s Kukreja Constructions by the taxpayer, Mr. Mehboob Amirali Kamdar. The Assessing Officer had made an addition of Rs. 40 lakhs, believing there was a mismatch between the sum received and the amount...