AO incorrectly invokes Section 69A and Charges Tax u/s 115 BBE of Income Tax Act: ITAT deletes addition [Read Order]

The Assessing Officer had incorrectly invoked Section 69A, which applies only when unaccounted money is not recorded in the books of accounts, and erroneously applied Section 115BBE at a 60% rate.
By Aiswarya Krishnadas - On September 11, 2024 1:23 pm - 3 mins read
ITAT - ITAT Ahmedabad - Section 69A - AO Incorrectly - Income Tax Appellate Tribunal - Income Tax Act - ITAT deletes addition - TAXSCAN

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition where the Assessing Officer had incorrectly invoked Section 69A, of the Income Tax Act, 1961,  which applies only when unaccounted money is not recorded in the books of accounts, and erroneously applied Section 115BBE of the Income Tax Act,…

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