Addition u/s 68 - Cash deposits in bank account as undisclosed ...

Income Tax Act Section 68: Taxpayers' cash deposits need evidence-based rejection; non-responsive debtors don't penalize taxpayers.

February 24, 2021

Case Laws Income Tax AT

Addition u/s 68 - Cash deposits in bank account as undisclosed income - Section 68 makes it clear that in respect of a cash credit entry the explanation offered by the assessee can be rejected by the Income tax Officer only on cogent grounds, that is, only if such grounds are not based upon any evidence - Non reply to summons by debtors - if the parties had received the summons but did not appear, the assessee could not be blamed. - AT

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Addition u/s 68 - Cash deposits in bank account as undisclosed ...

Income Tax Act Section 68: Taxpayers' cash deposits need evidence-based rejection; non-responsive debtors don't penalize taxpayers.

February 24, 2021

Case Laws Income Tax AT

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