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Section 68 not applies Where Cash Deposits Traceable to Agricultural Loan & Income
Case Law Details
- Case Name
- Abhishek Shukla Vs ACIT (ITAT Raipur)
- 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 Raipur
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Abhishek Shukla Vs ACIT (ITAT Raipur)
No Guesswork in Tax: When Bank Confirms Loan & Agri Income, Section 68 Addition Can’t Survive: ITAT Raipur
Background
Assessee, salaried employee, also engaged in agriculture.
AO’s finding: During demonetisation, assessee deposited ₹26,97,000 in cash in HDFC & Dena Bank.
AO alleged unexplained cash deposits & made addition u/s 68 of ₹23,82,220.
Assessee’s explanation: Cash was from withdrawal of ₹24.40 lakh from KCC loan (April 2016), not utilized, hence redeposited during demonetisation, along with agricultural income.
Dena Bankâ€...
Author Info
