Court Evaluates Section 68 Case on Unexplained Cash Deposits from Land Sale; Emphasizes Need for Justified Rejection of Explanations.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition u/s 68 - source of cash found deposited in the bank account of the - unexplained cash credit - Genuineness of retention of money /cash after sale of agricultural land for 8 months in the hands of father - the basis given by the CIT(A) for rejecting the explanation of the assessee vis-a-vis the source of cash deposited, does not stand the test of reasoning....