Section 69 cannot be invoked when investments are recorded & taxed: ITAT Visakhapatnam

ITO Vs Tatiparti Satyanarayana (ITAT Visakhapatnam) In ITO vs Tatiparti Satyanarayana, the Income Tax Appellate Tribunal Visakhapatnam considered an appeal filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Year 2017–18, along with cross objections by the assessee. The assessee, engaged in civil construction and jewellery business, had filed a return declaring income of ₹13,62,040. The case was selected for scrutiny, and due to inadequate response from the assessee, the Assessing Officer (AO) assessed total income at ₹1,51,26,623. O...