Unexplained cash credit u/s. 68 r.w.s. 115BBE - Co-ordinate ...

Tribunal Rules Bank Passbook Credits Not Unexplained Cash; Upholds Agricultural Income, Deletes Section 68 Additions.

December 9, 2023

Case Laws Income Tax AT

Unexplained cash credit u/s. 68 r.w.s. 115BBE - Co-ordinate Benches of the Tribunal have held that any sum found credited in bank passbook could not be treated as an unexplained cash credit under section 68 of the Act, since the bank account of the assessee is not considered as part and parcel of the books of accounts. Thus the addition made by the Assessing Officer was deleted. - Claim of agriculture income sustained - Addition u/s 68 deleted - AT

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Unexplained cash credit u/s. 68 r.w.s. 115BBE - Co-ordinate ...

Tribunal Rules Bank Passbook Credits Not Unexplained Cash; Upholds Agricultural Income, Deletes Section 68 Additions.

December 9, 2023

Case Laws Income Tax AT

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