lTAT Deletes Addition of Rs. 16,80,000 for SBN Deposits from Liquor Sales, Citing Exceptional Circumstances [Read Order]

The Cuttack Bench of Income Tax Appellate Tribunal(ITAT) deleted the addition of Rs. 16,80,000 made for cash deposits in Specified Bank Notes (SBN) from liquor sales, citing exceptional circumstances. Bibekananda Pradhan,the appellant-assessee,appealed the order issued by the Commissioner of Income Tax(Appeals)[CIT(A)] at the National Faceless Appeal Centre (NFAC), Delhi, on 12.03.2024,for the Assessment Year(AY) 2017-2018….