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SECTION 68 OF INCOME-TAX ACT, 1961 – CASH CREDIT

September 24, 2024

Bank deposits : Where assessee made cash deposits in two banks and explained that source for cash deposits was out of advance received from a party against sales, since assessee himself claimed that he had refunded advance received from said party because transaction did not materialize, thus, assessee had made a vague claim of cash advance received from a party without there being any evidences, impugned addition made under section 68 on account of said bank deposits received was justified – Narendra Mahendra Kothari v. Income-tax Officer – [2024] 166 taxmann.com 485 (Chennai – Trib.)

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