Addition u/s 69 - Cash/credit deposit in the bank account - ...

Tax Tribunal Confirms Unaccounted Income from Cash Deposits, Citing Lack of Evidence and Doubts on Business Transactions.

May 16, 2024

Case Laws Income Tax AT

Addition u/s 69 - Cash/credit deposit in the bank account - Assessment u/s 44AD - The ITAT supported the FAA’s enhancement of the addition. The assessee's failure to provide credible evidence for the cash deposits led to the conclusion that these were indeed unaccounted income. - The Tribunal agreed with the FAA's skepticism regarding the transactions with Krish Builders. The improbability of the alleged business activities, coupled with the lack of substantial evidence, justified the addition.

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Addition u/s 69 - Cash/credit deposit in the bank account - ...

Tax Tribunal Confirms Unaccounted Income from Cash Deposits, Citing Lack of Evidence and Doubts on Business Transactions.

May 16, 2024

Case Laws Income Tax AT

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