No Returns, No Evidence, Capital Spike Taxed as Unexplained

Nitin Naryan Keskar Vs ITO (ITAT Pune) Unexplained Capital Spike Stands: ITAT Pune Upholds ₹1.70 Cr Addition u/s 68 Capital Can’t Grow in a Vacuum: ₹1.70 Cr Addition Sustained-  No Returns, No Proof, No Relief: ITAT Backs 68 Addition- Afterthought Ledgers Don’t Save Unexplained Capital In Nitin Narayan Keskar vs. ITO  (ITA No.1000/PUN/2025, AY 2014-15; order dated 29-12-2025), the Pune Bench “A” of the ITAT dismissed the Assessee’s appeal and confirmed addition of ₹1,70,64,449 u/s 68 on account of unexplained increase in proprietor’s capital. The Assessee, a contractor with...