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This case revolves around the addition of cash deposits u/s 68 of the Income Tax Act, where the assessees failed to provide credible explanations regarding the source. The Jharkhand High Court upheld the ruling, dismissing the appeals filed by the assessees, as they could not prove the identity, creditworthiness, and genuineness of the creditors. Regarding interest charges u/ss 234A and 234B, the court ruled that interest u/s 234A could only be charged on returned income, not assessed income. However, the Tribunal's finding on Section 234B was contrary to the amended provisions, favoring the revenue department's stance.
This case revolves around the addition of cash deposits u/s 68 of the Income Tax Act, where the assessees failed to provide credible explanations regarding the source. The Jharkhand High Court upheld the ruling, dismissing the appeals filed by the assessees, as they could not prove the identity, creditworthiness, and genuineness of the creditors. Regarding interest charges u/ss 234A and 234B, the court ruled that interest u/s 234A could only be charged on returned income, not assessed income. However, the Tribunal's finding on Section 234B was contrary to the amended provisions, favoring the revenue department's stance.
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