Addition u/s. 68 quashed as cash deposits already included in turnover declared in return

Jatin Arora Vs ITO (ITAT Delhi)

ITAT Delhi held that addition under section 68 of the Income Tax Act towards unexplained cash credit cannot be sustained as cash deposit already included in turnover declared by the assessee in return of income. Accordingly, addition is directed to be deleted.

Facts- The assessee maintains three accounts in HDFC Bank, Kalka Ji, in which assessee had deposited a sum of Rs. 49,88,748/- in three accounts. It is observed in the assessment order that amounts exceeds the amount mention in the reason since the information passed was

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