Assessee pleads for taking peak of the cash credits appearing in its bank account

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Last updated: 09 July 2021
Quick Summary
This Income Tax Appellate Tribunal case involves an assessee who argued that cash deposits in his bank account were actually income from his Hindu Undivided Family (HUF) business, not his individual income. The Assessing Officer and CIT(Appeals) treated the deposits as individual income, leading to a significantly higher assessment. The assessee contended that the assessment should have been framed as an HUF, not an individual, and that the net cash deposit was much lower than alleged, considering simultaneous withdrawals.

Court :
ITAT Delhi

Brief :
This appeal filed by the assessee is directed against order dated 30/08/2018 passed by the Learned CIT(Appeals)-21, New Delhi [in short ‘the Learned CIT(A)’] for assessment year 2010-11 raising following grounds:

Citation :
ITA No.7063/Del./2018

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