Taxpayer Substantiates Cash Deposit Source with Sufficient Evidence: ITAT Deletes Addition of 28 lakhs [Read Order]
The assessee has explained the source of cash deposits from out of cash in hand representing earlier cash withdrawals two months ago for which the assessee had adduced sufficient evidence.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled in favor of the taxpayer, deleting an addition of 28 lakhs after the taxpayer successfully substantiated the source of a cash deposit with sufficient evidence. The G A Advisory Private Limited company engaged in valuation of tangible and intangible assets of different clients including…
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