Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 978 - AT - Income TaxUnexplained cash credits in his bank accounts u/s 68 - Held that:- There is no reason to suspect the genuineness of the assessee’s claim since the extent of cash withdrawals far exceed the cash deposits made, even if for some reason the version of the assessee having received money from his father-in- law has to be disbelieved. In this view of the matter, the addition made in the order of assessment of ₹ 1,25,700/- as unexplained cash credits, is deleted. - Decided in favour of assessee Charge of interest u/s 234A and 234B - Held that:- The charging of interest is consequential and mandatory and the assessee has no discretion in the matter. This proposition has been upheld by the Hon’ble Apex Court in the case of Anjum H. Ghaswala [2001 (10) TMI 4 - SUPREME COURT] and therefore uphold the action of the AO in charging the said interest.
|