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    Income Tax

    Addition u/s 68 - Cash deposits in bank account as undisclosed...

    Income Tax Act Section 68: Taxpayers' cash deposits need evidence-based rejection; non-responsive debtors don't penalize taxpayers.

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    Income TaxFebruary 24, 2021Case LawsAT

    Addition u/s 68 - Cash deposits in bank account as undisclosed income - Section 68 makes it clear that in respect of a cash credit entry the explanation offered by the assessee can be rejected by the Income tax Officer only on cogent grounds, that is, only if such grounds are not based upon any evidence - Non reply to summons by debtors - if the parties had received the summons but did not appear, the assessee could not be blamed. - AT

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