Section 68: Source of Cash Deposit Must Be Examined Before Addition

Mudhol Pattina Sahakari Sangh Niyamita Vs ACIT (ITAT Bangalore) In a significant judgment by the Income Tax Appellate Tribunal (ITAT) Bangalore, the case of Mudhol Pattina Sahakari Sangh Niyamita vs. Assistant Commissioner of Income Tax (ACIT) brought to light the critical interpretation and application of Section 68 of the Income Tax Act, 1961. This case revolved around the addition of income from undisclosed sources and underscored the necessity for thorough examination of the source of cash deposits post-demonetization. The ruling, dated 24.07.2023, for the Assessment Year 2017-18, provides...