https://www.taxtmi.com/caselaws?id=755610 ITAT Jodhpur held that cash deposits in company's bank account cannot be added as income in director's hands under section 179, as action should be taken against the company even if struck off from Register. Revenue can pursue appropriate action against company per law. Separately, gift received from NRI grandson was wrongly treated as unexplained income under section 69A instead of section 56. Since amount was already assessed as grandson's income, adding it again would constitute double taxation. Addition deleted in assessee's favor. en-us Thu, 25 Jan 2024 00:00:00 +0530 Mon, 15 Jul 2024 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755610 ITAT Jodhpur held that cash deposits in company's bank account cannot be added as income in director's hands under section 179, as action should be taken against the company even if struck off from Register. Revenue can pursue appropriate action against company per law. Separately, gift received from NRI grandson was wrongly treated as unexplained income under section 69A instead of section 56. Since amount was already assessed as grandson's income, adding it again would constitute double taxation. Addition deleted in assessee's favor. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755610