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Addition of unexplained closing cash balance unsustained as cash was generated from agricultural activity
Case Law Details
- Case Name
- Shailesh Popatbhai Katrodiya Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-2016
- Courts
- All ITAT, ITAT Ahmedabad
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Shailesh Popatbhai Katrodiya Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad held that addition towards closing cash balance as unexplained cash credit u/s 68 unsustained as cash was generated from agricultural activity and revenue failed to discharge the onus of disproving the said contention of the assessee.
Facts- The assessee is an individual and claimed to be an agriculturist. The assessee filed the belated ROI for the year under consideration declaring an income of ₹2,66,710/- only. ROI was filed by the assessee under the provisions of section 44AD of the Act disclosing the clo...
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