Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
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The ITAT Raipur, an Appellate Tribunal, considered an appeal regarding unexplained cash credit u/s. 68. The assessee failed to explain the nature and source of cash deposits in a jointly held bank account. The AR argued that the cash came from withdrawals/savings, not requiring an addition. The Tribunal held that since the cash deposits did not appear in the assessee's "books of account," u/s. 68 did not apply. Citing a jurisdictional defect, the Tribunal vacated the addition, following precedent from CIT v. Bhaichand H. Gandhi. Decision favored the assessee.
The ITAT Raipur, an Appellate Tribunal, considered an appeal regarding unexplained cash credit u/s. 68. The assessee failed to explain the nature and source of cash deposits in a jointly held bank account. The AR argued that the cash came from withdrawals/savings, not requiring an addition. The Tribunal held that since the cash deposits did not appear in the assessee's "books of account," u/s. 68 did not apply. Citing a jurisdictional defect, the Tribunal vacated the addition, following precedent from CIT v. Bhaichand H. Gandhi. Decision favored the assessee.
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