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Opening Cash Balance Cannot Be Treated Unexplained Solely for Non-Disclosure
Case Law Details
- Case Name
- Samir Mahesh Shah Vs DCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Ahmedabad
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Samir Mahesh Shah Vs DCIT (ITAT Ahmedabad)
ITAT Deletes ₹10.98 Lakh Addition Because Nil Cash Disclosure in Earlier ITR Alone Was Insufficient; Opening Cash Balance Cannot Be Treated as Unexplained Because Earlier ITR Showed Nil Cash: ITAT; Section 69A Addition Deleted Because Revenue Relied on Presumptions Instead of Evidence; ITAT Removes Cash Addition Because Financial Capacity Supported Opening Cash Balance; ₹10.98 Lakh Cash Addition Quashed Because Earlier Return Format Did Not Require Balance Sheet Disclosure
The Income Tax Appellate Tribunal (ITAT), Ahmedabad, allowed the assessee�...
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