https://www.taxtmi.com/caselaws?id=407603 The ITAT allowed the appellant's appeal, overturning the Ld. CIT(A)'s order, which upheld the AO's classification of the declared amount as undisclosed income under section 68 of the Income Tax Act, 1961. The Tribunal directed the AO to treat the amount as business income, citing inadequate justification for the initial classification and aligning with precedent from a coordinate Bench. en-us Tue, 11 May 2021 00:00:00 +0530 Tue, 27 Aug 2024 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407603 The ITAT allowed the appellant's appeal, overturning the Ld. CIT(A)'s order, which upheld the AO's classification of the declared amount as undisclosed income under section 68 of the Income Tax Act, 1961. The Tribunal directed the AO to treat the amount as business income, citing inadequate justification for the initial classification and aligning with precedent from a coordinate Bench. Case-Laws Income Tax Tue, 11 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407603