Addition of Unexplained Income based on Information from SEBI not valid in Absence of Opportunity to produce Evidence: ITAT [Read Order]

By Yogitha S. Yogesh - On December 31, 2022 11:31 am - 2 mins read
Addition of Unexplained Income - Unexplained Income - SEBI - Absence of Opportunity - Evidence - ITAT - Income Tax - Income - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the addition of Unexplained income based on information from SEBI is not valid in absence of an opportunity to produce evidence. Lilaben Bhagabhai Patel, the Assessee challenged the order dated 12.04.2019 passed by the CIT(A)-1, Ahmedabad for the Assessment Year 2010-11.  The…

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