Addition u/s 68 r.w.s. 115BBE - The assessee had explained the ...

Case Laws Income Tax

March 30, 2021

Addition u/s 68 r.w.s. 115BBE - The assessee had explained the source of deposits of cash and the AO did not discharge the burden by examining the family members. Since the assessee stated that he looks after the entire agricultural operations which is common in joint families, we, do not find any reason to suspect the source of cash deposits in the bank account and the same stands explained, hence, we set aside the orders of the lower authorities and delete the addition made by the AO. - AT

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Addition u/s 68 r.w.s. 115BBE - The assessee had explained the ...

Case Laws Income Tax

March 30, 2021

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