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2022 (4) TMI 451 - AT - Income TaxAddition u/s 68 - assessee was selected for scrutiny for abnormal increase in cash deposit during the demonetization period as compared to pre-demonetization period - Allegation of the A.O. that assessee has not submitted any documents/details to establish the source of cash deposits made in the bank account - HELD THAT:- when the nature and source of old currency notes is fully supported and substantiated, no addition under section 68 of the I.T. Act, 1961 can be made. In this view of the matter, NFAC was not justified in sustaining the addition made by the A.O. on account of cash deposit in the bank account - Appeal of assessee allowed.
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