As per Section 68 of the Income Tax Act, any cash credit credited in the books of accounts, can be deemed to be the income of the assessee

Last updated: 18 August 2021
Quick Summary
This Income Tax Appellate Tribunal ruling clarifies Section 68 of the Income Tax Act, 1961, concerning cash credits. The tribunal dismissed an appeal by the ACIT, upholding the deletion of an addition made under Section 68. The addition concerned cash credits deemed income, but the CIT(Appeals) found these loans were received in earlier financial years and thus not subject to addition in the current year.

Court :
ITAT Mumbai

Brief :
This appeal is filed by the ld. ACIT, Central Circle 27, New Delhi, raising the solitary ground of appeal that the ld.CIT (Appeals) has deleted the addition made by the ld. AO of Rs. 9,76,41,006/- under Section 68 of the Income TaxAct, 1961 (the Act) though the assessee has failed to discharge his onus of establishing the genuineness, capacity and identity of the creditors and mere production of the bank statement is not sufficient.

Citation :
ITAT Delhi

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