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

May 10, 2024

Demonetization period : Where assessee, a NBFC, received cash in old currency during demonetization period between 8-11-2016 to 13-12-2016 towards loan instalments, since assessee submitted names of persons from whom cash was received and maintained KYC documents of all these persons and Assessing Officer had not challenged identity of depositors, genuineness of transactions and creditworthiness of depositors, no addition could be made under section 68 – Shrijeet Finance (P.) Ltd. v. Assistant Commissioner of Income-tax – [2024] 162 taxmann.com 243 (Pune – Trib.)

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