Undisclosed source of income addition not sustained since transaction duly recorded in books of accounts

Nidhika Rehani Vs ACIT (ITAT Delhi)

ITAT Delhi held that addition towards undisclosed source of income cannot be sustained merely because this amount is not reported in Tax Audit Report since transaction is duly recorded in books of accounts.

Facts- The assessee is engaged in the manufacturing and trading of readymade garments and is sole proprietor of M/s. DSYNGREEN. Based on the information available on record that assessee has made cash deposits in the bank accounts during demonetization in Specified Bank Notes (SBN), case of the assessee was taken up for

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