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No addition towards unexplained cash credit u/s. 68 post rejection of books of accounts
Case Law Details
- Case Name
- Sahyog Construction Vs ACIT (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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Sahyog Construction Vs ACIT (ITAT Ahmedabad)
ITAT Ahmedabad held that once the books of accounts stood rejected under section 145(3) of the Income Tax Act and profits estimated, there cannot be addition on account of unexplained cash credit u/s. 68. Accordingly, appeal allowed.
Facts- The solitary issue raised in the above grounds relates to addition made to the income of the assessee u/s.68 of the Act amounting to Rs.6,58,43,000/- being unexplained cash credit. The orders of the authorities below reveal that due to the non-cooperative attitude of the assessee during assessment proceedings and...
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