Refund of money from earlier advances cannot be added under Section 68

Advertisement ITO Vs Ramanbhai Jagabhai Bharwad (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT) Ahmedabad has dismissed an appeal filed by the Income Tax Officer (ITO) against a decision by the National Faceless Appeal Centre (NFAC), Delhi, which had deleted a significant addition of Rs. 6.80 crore made under Section 69A of the Income-tax Act, 1961, against individual assessee Ramanbhai Jagabhai Bharwad. The case revolves around high-value bank transactions that occurred during the demonetization period in November 2016. The assessee had originally filed his income tax return for Asse...