https://www.taxtmi.com/caselaws?id=757371 The ITAT Ranchi dismissed appeals against Section 68 additions where assessees failed to prove identity, creditworthiness and genuineness of creditors for cash deposits. The Jharkhand HC upheld this decision, ruling no error was committed by tax authorities. However, regarding interest charges under Sections 234A and 234B, the ITAT erred by not properly considering amended provisions applicable for AY 2015-16. The matter was decided in favor of revenue on the substantive Section 68 issue but required correction on interest computation methodology. en-us Mon, 12 Aug 2024 00:00:00 +0530 Thu, 22 Aug 2024 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757371 The ITAT Ranchi dismissed appeals against Section 68 additions where assessees failed to prove identity, creditworthiness and genuineness of creditors for cash deposits. The Jharkhand HC upheld this decision, ruling no error was committed by tax authorities. However, regarding interest charges under Sections 234A and 234B, the ITAT erred by not properly considering amended provisions applicable for AY 2015-16. The matter was decided in favor of revenue on the substantive Section 68 issue but required correction on interest computation methodology. Case-Laws Income Tax Mon, 12 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757371