https://www.taxtmi.com/caselaws?id=754805 ITAT Rajkot dismissed revenue's appeal regarding additions for undisclosed income from bank account investments. The tribunal set aside the bank account layering issue to CIT(A) NFAC to prevent double taxation, as similar additions were made in related assessees' cases whose appeals remain pending. The tribunal upheld CIT(A)'s deletion of flat investment addition, finding AO's presumptive assessment lacked factual verification. Regarding gold futures trading, the tribunal confirmed CIT(A)'s findings that trading resulted in losses and revenue failed to provide contrary evidence, dismissing revenue's challenge to the deletion of this addition. en-us Wed, 21 Feb 2024 00:00:00 +0530 Sun, 30 Jun 2024 15:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754805 ITAT Rajkot dismissed revenue's appeal regarding additions for undisclosed income from bank account investments. The tribunal set aside the bank account layering issue to CIT(A) NFAC to prevent double taxation, as similar additions were made in related assessees' cases whose appeals remain pending. The tribunal upheld CIT(A)'s deletion of flat investment addition, finding AO's presumptive assessment lacked factual verification. Regarding gold futures trading, the tribunal confirmed CIT(A)'s findings that trading resulted in losses and revenue failed to provide contrary evidence, dismissing revenue's challenge to the deletion of this addition. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754805