Unexplained Cash Credit Addition Under Section 68 Partly Set Aside by ITAT

Jigar Patel Vs ITO (ITAT Ahmedabad) The case of Jigar Patel Vs ITO (ITAT Ahmedabad) pertains to an appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, for the Assessment Year (A.Y.) 2020-21. The core issue revolves around the confirmation of an addition of Rs. 1,77,16,980/- made by the Income Tax Officer (Assessment Unit) as unexplained cash credit under Section 68 of the Income Tax Act, 1961, and taxed at 60% under Section 115BBE of the Act. The assessee had filed a return of income for A.Y. 2020-21, declar...