The ITAT deleted the addition made for cash deposited by assessee-jeweller in its bank account post demonetization, since assessee had explained source of said cash deposits as sales of jewellery, produced sale bills and admitted same as revenue receipt as well as offered it to tax and assessee also represented outgo of stocks, which was […]
SECTION 68 – BANK PASSBOOK/STATEMENT CANNOT BE REGARDED AS BOOKS MAINTAINED BY ASSESSEE
Section 68 of the Act deals with unexplained cash credits. Section 68 provides that if any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of […]