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Section 68 cannot be invoked without proper inquiry
Case Law Details
- Case Name
- Neeraj Murarka Vs I.T.O Ward 35(2), Kolkata (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Kolkata
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CA Kanhaiya Kumar Agarwal
Brief of the Case
In the case of Neeraj Murarka Vs. ITO the Hon’ble Kolkata ITAT held that the fact of cash withdrawals made by assessee, cash balance held by assessee has never been questioned and nor any fact to the contrary has been brought on record. There was sufficient cash balance in the hand of assessee to deposits the cash of Rs.8.60 lakh and that the amount of cash credit could not be included in the total income of the assessee because the inquiry was not properly made.
Facts of the Case
The assessee is an Individual. During the course of Assessment proce...
