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Income Tax - Highlights / Catch Notes

Home Highlights December 2022 Year 2022 This

Addition u/s 68 - Unexplained cash deposits - The assessee’s ...

Income Tax

December 13, 2022

Addition u/s 68 - Unexplained cash deposits - The assessee’s contention that the loan has been repaid as he could not buy the residential property due to some unavoidable reasons is found to be genuine and reasonable cause. A.O. has not made any verification of the repayment of loan. In our considered view, the A.O. has made huge verification on small time assessees, many of them are seen to be agriculturists in a small village. - Assessee has filed confirmation from all the parties - Additions deleted - AT

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