No Section 68 Addition on Sales Already Offered to Tax: ITAT Mumbai

ITO Vs Ashok Amritlal Nayak (ITAT Mumbai) The Income Tax Appellate Tribunal, Mumbai, adjudicated an appeal by the Revenue and a cross-objection by the assessee arising from an order of the Commissioner of Income Tax (Appeals) for Assessment Year 2019-20. The assessee, engaged in wholesale trading of FMCG goods, had originally filed its return which was processed under Section 143(1). Subsequently, the assessment was reopened under Section 147 based on information from the Investigation Wing alleging that the assessee had obtained accommodation entries amounting to ₹55,11,843 in the form of ...