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Income Tax - Highlights / Catch Notes

Home Highlights June 2023 Year 2023 This

Unexplained cash credit u/s 68 - cash deposits during the ...

Income Tax

June 19, 2023

Unexplained cash credit u/s 68 - cash deposits during the demonetization period - the sources of such amount may be either of household savings or past income or the amount may have been received from any of the source mentioned in that Circular. Thus, the assessee is given benefit of Rs. 5.00 lacs in terms of Circular of CBDT, thereby remaining amount of Rs. 31 lacs – 5 lacs = 26 lacs is upheld. - AT

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