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

Section 68: Assessee Justifies Cash Deposits with Unutilized Funds, Limiting Assessing Officer's Challenge Without Contrary Evidence.

August 10, 2022

Case Laws Income Tax AT

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

Section 68: Assessee Justifies Cash Deposits with Unutilized Funds, Limiting Assessing Officer's Challenge Without Contrary Evidence.

August 10, 2022

Case Laws Income Tax AT

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