Section 68 cannot be invoked without proper inquiry

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...