Unexplained closing cash balance - Additions u/s.68 - As per the ...

Unexplained cash balance not taxable u/s 68; Revenue fails to disprove funds from agricultural activities.

May 10, 2023

Case Laws Income Tax AT

Unexplained closing cash balance - Additions u/s.68 - As per the assessee, the cash balance was arising to him out of the accumulated fund from the agricultural activities which has been disbelieved by the AO but without bringing any material on record that the cash was generated by the assessee from any other activity which was subject to tax. Thus revenue failed to discharge the onus imposed upon it to disprove the contention of the assessee. - AT

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Unexplained closing cash balance - Additions u/s.68 - As per the ...

Unexplained cash balance not taxable u/s 68; Revenue fails to disprove funds from agricultural activities.

May 10, 2023

Case Laws Income Tax AT

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