The High Court dealt with a case involving unexplained cash ...

High Court ruled in favor of taxpayer on unexplained cash credit issue, allowing telescopic benefit of income surrendered during survey.

Case Laws Income Tax

June 25, 2024

The High Court dealt with a case involving unexplained cash credit u/s 68 of the Income Tax Act. The assessee had surrendered unaccounted income during a survey, which was offered for tax. The ITAT deleted the addition, allowing telescopic benefit by linking surrendered income to cash deposits in the bank account as maturity proceeds of hundies. ITAT's decision was based on thorough analysis of facts, documents, and evidence. The High Court upheld ITAT's findings, stating no legal error was found. The benefit of telescoping was justified as per precedent. The department failed to prove the source of bank deposits was related to a scam. No substantial question of law arose, and the appeal was decided against the revenue.

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The High Court dealt with a case involving unexplained cash ...

High Court ruled in favor of taxpayer on unexplained cash credit issue, allowing telescopic benefit of income surrendered during survey.

Case Laws Income Tax

June 25, 2024

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