Sag Infotech Blog ITAT Surat Slashes Section 69A Tax Addition from 72.8 Lakh to 2 Lakh, Citing Home Loan Credit & Cash Balance

The ITAT Bench in Surat, Gujarat reduced an individual's additional tax assessment from ₹72,81,674 to just ₹2,00,000. This decision was made after recognizing the taxpayer's home loan and the cash they had available. Jayeshbhai Becharbhai Chovatiya, a taxpayer, deposited Rs. 72,81,674 into three different bank accounts when certain high-denomination currency notes were no longer valid. [...]The post ITAT Surat Slashes Section 69A Tax Addition from ₹72.8 Lakh to ₹2 Lakh, Citing Home Loan Credit & Cash Balance first appeared on SAG Infotech Official Tax Blog.