Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
In accordance with CBDT Instruction No. 3 of 2017, the AO exceeded jurisdiction by conducting inquiry into cash deposits up to Rs. 2.5 lakhs by an individual without business income. As per Source Specific General Verification Guidelines, no further verification is required for such cash deposits. The ITAT held that the AO erred by disregarding CBDT guidelines, which are binding, and relied on coordinate bench rulings granting exemption up to Rs. 2,50,000. Consequently, the assessee's appeal was allowed.
In accordance with CBDT Instruction No. 3 of 2017, the AO exceeded jurisdiction by conducting inquiry into cash deposits up to Rs. 2.5 lakhs by an individual without business income. As per Source Specific General Verification Guidelines, no further verification is required for such cash deposits. The ITAT held that the AO erred by disregarding CBDT guidelines, which are binding, and relied on coordinate bench rulings granting exemption up to Rs. 2,50,000. Consequently, the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
