Section 68 addition justified for Cash Deposits not Corroborated with Business Receipts or Cash Withdrawals

Sneh Developers Pvt. Ltd Vs DCIT (ITAT Delhi) As per the AO, the assessee has not filed return of income and hence notice u/s 148 of the Income Tax Act, 1961 has been issued owing to cash transactions exceeding Rs.10,00,000/-. The AO held that the assessee has not given any details with regard to the cash deposits of Rs.10,00,000/-. Hence, the amount has been added u/s 68 of the Act. Further, the assessee had credits of Rs.2.94 Cr. as per Form 26AS and since the source of income is not established. The AO made addition of the amount reflected in the Form 26AS. On appeal, the ld. CIT(A) vide hi...