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Addition u/s 68 was justified in case failure of assessee to prove cash deposits in partnership firm by partners
Case Law Details
- Case Name
- Verma Service Station Bye Pass Vs ACIT (ITAT Agra)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
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Verma Service Station Bye Pass Vs ACIT (ITAT Agra)
Conclusion: Since assessee had explained that the two partners had cash deposited out of the cash receipts against advanced sale of land in individual however, assessee could not furnish any details evidence of holding of land, agreement with the purchasers and date/mode of source of receipts either before AO or before CIT(A), therefore, AO was correct in holding these credits as unexplained in the hands of assessee.
Held: During the year Sh. N Verma and Smt. B Verma partner of the firm had cash deposited worth Rs.65 lacs and Rs.27 lacs respe...
