Unexplained Cash Credit u/s 68 of the Income Tax Act

Last updated: 13 July 2021
Quick Summary
This case concerns an appeal by Asha Analytical Instruments (P) Ltd against the confirmation of an unexplained cash credit of Rs. 2,83,92,066 under Section 68 of the Income Tax Act. The company argued the funds were received via RTGS/NEFT for supplying analytical instruments. They also contested an addition of Rs. 11,42,414 for business expenditure. The company sought to submit additional evidence due to operational cessation and unavailability of records.

Court :
ITAT Hyderabad

Brief :
This appeal is filed by the assessee against the order of the ld. CIT(A)-1, Hyderabad in appeal no. 0281/CIT(A)-1/Hyd/2016-17/2018-19, dated 22/6/2018 passed U/s. 144 r.w.s 250(6) of the Act for the AY 2014-15.

Citation :
ITA No.2027/Hyd/2018

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