https://www.taxtmi.com/caselaws?id=439896 The Tribunal directed the Assessing Officer to correct the erroneous addition of Rs. 8,04,17,440/- under section 68 of the Income Tax Act. The error arose from a mistaken bank deposit figure in the balance sheet, which was rectified to Rs. 96,00,000/-. The Tribunal emphasized the importance of accurate financial reporting and accepted the assessee's explanation for the error, instructing the Assessing Officer to reassess the income based on the corrected figures to prevent undue benefit to the assessee. en-us Tue, 27 Jun 2023 00:00:00 +0530 Wed, 05 Jul 2023 08:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439896 The Tribunal directed the Assessing Officer to correct the erroneous addition of Rs. 8,04,17,440/- under section 68 of the Income Tax Act. The error arose from a mistaken bank deposit figure in the balance sheet, which was rectified to Rs. 96,00,000/-. The Tribunal emphasized the importance of accurate financial reporting and accepted the assessee's explanation for the error, instructing the Assessing Officer to reassess the income based on the corrected figures to prevent undue benefit to the assessee. Case-Laws Income Tax Tue, 27 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439896