Section 68: Assessee Justifies Cash Deposits with Unutilized Funds, Limiting Assessing Officer's Challenge Without Contrary Evidence.

Section 68: Assessee Justifies Cash Deposits with Unutilized Funds, Limiting Assessing Officer's Challenge Without Contrary Evidence. https://www.taxtmi.com/highlights?id=65064 Addition u/s 68 - unexplained cash deposits - What is relevant is the source for the funds deposited in the bank account and assessee has proved that it has sufficient unutilised funds in the books. The availability of funds in the cash book supports the cash deposits in the bank. Therefore, Assessing Officer cannot go beyond the mandate unless he has contrary evidence. - AT en-us Wed, 10 Aug 2022 10:55:14 +0530 Wed, 10 Aug 2022 10:55:14 +0530 TaxTMI RSS Generator Section 68: Assessee Justifies Cash Deposits with Unutilized Funds, Limiting Assessing Officer's Challenge Without Contrary Evidence. https://www.taxtmi.com/highlights?id=65064 Addition u/s 68 - unexplained cash deposits - What is relevant is the source for the funds deposited in the bank account and assessee has proved that it has sufficient unutilised funds in the books. The availability of funds in the cash book supports the cash deposits in the bank. Therefore, Assessing Officer cannot go beyond the mandate unless he has contrary evidence. - AT Highlights Income Tax Wed, 10 Aug 2022 10:55:14 +0530 https://www.taxtmi.com/highlights?id=65064