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2004 (10) TMI 56 - HC - Income TaxUnexplained cash credits and deemed income - "Whether Tribunal was justified in deleting the addition of Rs. 1,01,399 even though it represented unexplained cash credits and deemed income under section 68 of the Income-tax Act, 1961?" - we find that the Tribunal has held that the deposits in question were deposits and not an income of the respondent-assessee. It was in the nature of security deposit which has been fully explained and, therefore, it should not have been added. From the findings recorded by the Tribunal, we are of the considered opinion that the provision of section 68 of the Act was not applicable in the present case.
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