Section 68 Addition Cannot Be Taxed Twice, ITAT Directs Netting Off from Business Receipts

Bonthula Hari Venkata Krishna Vs ACIT (ITAT Visakhapatnam) Recharacterisation Yes, Double Addition No: ITAT Deletes Duplication in Sec 68 Case; Sec 68 Addition to Be Netted Off from Business Income; Tax @ 30%, Not 60% The Visakhapatnam Bench of the ITAT, in Bonthula Hari Venkata Krishna vs ACIT (ITA No. 581/Viz/2025, AY 2017-18), granted substantial relief to the Assessee by holding that re-characterisation of commission income as unexplained cash credit u/s 68 cannot result in double addition, and further directed that such addition be taxed @ 30% and not 60%. The Assessee had credited commi...