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Income Tax - Highlights / Catch Notes

Home Highlights August 2022 Year 2022 This

Addition u/s 68 - unexplained cash deposits - What is relevant ...

Income Tax

August 10, 2022

Addition u/s 68 - unexplained cash deposits - What is relevant is the source for the funds deposited in the bank account and assessee has proved that it has sufficient unutilised funds in the books. The availability of funds in the cash book supports the cash deposits in the bank. Therefore, Assessing Officer cannot go beyond the mandate unless he has contrary evidence. - AT

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