Addition u/s 68 unexplained cash credit - We deem it just and ...

Tax Only Profit Element in Unexplained Cash Credit Cases, Directs AO u/s 68; Tax 10% of Disputed Amount.

November 20, 2021

Case Laws Income Tax AT

Addition u/s 68 unexplained cash credit - We deem it just and proper and reasonable to cover all possible leakage of revenue, to tax only profit element embedded in the sale proceeds received and deposited by the assessee in the bank account. In view of facts stated above, thus direct the AO to tax 10% of the total impugned amount as profit/income of the assessee from sale of paddy and to delete the remaining amount. - AT

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Addition u/s 68 unexplained cash credit - We deem it just and ...

Tax Only Profit Element in Unexplained Cash Credit Cases, Directs AO u/s 68; Tax 10% of Disputed Amount.

November 20, 2021

Case Laws Income Tax AT

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