Proper Adjudication and Verification needed for Addition of Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]

The Tribunal found that the Assessing Officer had not adequately verified or considered the details, such as the source of cash deposits and the correlation with sale receipts
By Sneha Sukumaran Mullakkal - On August 26, 2024 11:07 am - 2 mins read
ITAT - Income Tax - Section 68 Income Tax Act - Assessing Officer - unexplained cash credits - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the matter to the Assessing Officer (AO) for proper verification and adjudication under Section 68 of Income Tax Act, 1961 after finding insufficient consideration of unexplained cash credits and investments. Bhavanji Jugaji Thakor,the appellant-assessee had filed Return of Income (ROI) dated 28.12.2016 declaring…

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