₹8.44 cr Section 69A Addition Deleted Due to Incorrect Bank Account Information

ITO Vs Gulmohar Associates (ITAT Chandigarh) The Income Tax Appellate Tribunal (ITAT), Chandigarh, decided an appeal filed by the Revenue and a cross-objection filed by the assessee against an order of the CIT(A)/NFAC for Assessment Year 2014–15. The case involved an addition of ₹8,44,23,000 made by the Assessing Officer under Section 69A of the Income-tax Act, 1961 on account of alleged unexplained cash and non-cash credits in the assessee’s bank account. The assessee, a partnership firm engaged in real estate activities, had not filed its original return of income. Reassessment proceed...