Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Unexplained cash credit u/s 68 - cash deposits during the demonetization period - the sources of such amount may be either of household savings or past income or the amount may have been received from any of the source mentioned in that Circular. Thus, the assessee is given benefit of Rs. 5.00 lacs in terms of Circular of CBDT, thereby remaining amount of Rs. 31 lacs – 5 lacs = 26 lacs is upheld. - AT
Unexplained cash credit u/s 68 - cash deposits during the demonetization period - the sources of such amount may be either of household savings or past income or the amount may have been received from any of the source mentioned in that Circular. Thus, the assessee is given benefit of Rs. 5.00 lacs in terms of Circular of CBDT, thereby remaining amount of Rs. 31 lacs – 5 lacs = 26 lacs is upheld. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
Join Channel 
