ITAT allows 10% of Cash Deposits as Taxable Income in Absence of Evidence of Source u/s 69A of IT Act [Read Order]

By Killamsetty Rasmita - On August 9, 2023 8:00 pm - 2 mins read
ITAT - Cash- Deposits - Taxable- Income - Absence - Evidence - Source - IT -Act-TAXSCAN

The Rajkot bench of the Income Tax Appellate Tribunal (ITAT) has allowed only 10% of the cash deposits made by an assessee as taxable income, citing a lack of evidence of the source of the deposits and held that the assessee had not been able to establish the source of the cash deposits, and therefore,…

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