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
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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Poojitha Raam Vinay
Published in Income Tax
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