Opening Balances Cannot Be Added Under Section 68 as They Relate to Earlier Years

Audinarayana Reddy Papareddy Vs DCIT (ITAT Hyderabad) In Audinarayana Reddy Papareddy Vs DCIT, the ITAT Hyderabad dealt with multiple appeals for AYs 2016-17 to 2019-20 arising from reassessment proceedings initiated after a survey under Section 133A at the assessee’s business premises. The survey resulted in impounding of loose sheets and other materials allegedly reflecting unexplained transactions, sundry creditors, unsecured loans, and discrepancies in sundry debtors relating to the assessee’s aqua feed business and related entities. For AY 2016-17, the Assessing Officer treated sundry...