Addition u/s 68 is Beyond Jurisdiction of Assessing Officer as Turnover already reflected in books of the Assessee: ITAT quashes addition [Read Order]

By Aparna. M - On April 12, 2023 8:42 pm - 2 mins read
Jurisdiction - Assessing Officer - Turnover - books of the Assessee - Jurisdiction of Assessing Officer - ITAT - taxscan

The Amritsar bench of Income Tax Appellate Tribunal (ITAT), while quashing the addition made by the lower authorities held that addition under section 68 of Income Tax Act, 1961 is beyond jurisdiction of assessing officer as the turnover already reflected in the books of the assessee. Section 68 of Income Tax Act provides that if…

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