https://www.taxtmi.com/highlights?id=80636 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. en-us Fri, 23 Aug 2024 08:15:32 +0530 Fri, 23 Aug 2024 08:15:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80636 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. Highlights Income Tax Fri, 23 Aug 2024 08:15:32 +0530 https://www.taxtmi.com/highlights?id=80636