ITAT Sets Aside Order, Remands ₹7.28 Crore Additions for Fresh AO Review

Tejasvi Bhalla Vs ITO (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi Bench has remanded a case involving an aggregate income addition of over Rs. 7 crore against assessee Tejasvi Bhalla to the Assessing Officer (AO) for fresh consideration. The Tribunal’s decision, pronounced on June 18, 2025, emphasizes the necessity for proper verification of opening capital and stock balances before making additions under Section 69 of the Income Tax Act, 1961. The appeal by Tejasvi Bhalla, a commission agent, for Assessment Year (AY) 2018-19, challenged the CIT(A)’s order which had uph...