Addition U/s 69A
This query is : Resolved
13 March 2021
Our assessee is having income from House property and income from other source, He has a habit of preparing balance sheet and capital account at the end of the year at the year ending 31 March 2016 he had shown a Cash in hand in his books of account at Rs 13.5 lacs which he deposited in bank account during demonitization period.AO made addition U/s 69A as regarding Cash as Manipulated. I want to ask
1. Is assesseee having income from house property and other source required to maintain books of accounts as contemplated U/s 69A .
2. Can AO consider the cash in hand in balance sheet as manipulated.
Kindly quote any case law if possible.
1. Is assesseee having income from house property and other source required to maintain books of accounts as contemplated U/s 69A .
2. Can AO consider the cash in hand in balance sheet as manipulated.
Kindly quote any case law if possible.
24 September 2021
Not mandatory.
Yes, when the amount cannot be justified at any cost.
Yes, when the amount cannot be justified at any cost.
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