Surat ITAT Partially Upholds Addition for Unexplained Bank Credits

Jayeshbhai Becharbhai Chovatiya Vs ITO (ITAT Surat) The Income Tax Appellate Tribunal (ITAT), Surat, has partly allowed the appeal filed by assessee Jayeshbhai Becharbhai Chovatiya against the order of the National Faceless Appeal Centre (NFAC), Delhi, pertaining to the assessment year 2017-18. The NFAC had upheld the Assessing Officer’s (AO) addition of ₹72,81,670 under Section 69 of the Income Tax Act, 1961, treating all credits found in the assessee’s bank accounts as unexplained money. The AO had also applied a special tax rate of 60 percent under Section 115BBE of the Act. T...