OtherMint
ITAT deletes ₹3.69 crore tax addition in bangle trader case
Positive+27
GreyOak summary
The Agra ITAT deleted a ₹3.69 crore tax addition imposed on a Firozabad woman for assessment year 2018-19. The tribunal ruled that deposits in her accounts used for bangle trading commissions could not be treated as unexplained income without proof of ownership. The addition under Section 69A was set aside in her favor.
What it affects
- Union Budget and taxesPositive +27
ITAT deleted ₹3.69 crore tax additionRolling sentiment Positive +35
