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Don’t Panic If You Don’t Withdraw Cash Every Month: ITAT Says Disclosed Rental Income Can Explain Household Expenses

Direct Tax

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By Mariya Paliwala
Don’t Panic If You Don’t Withdraw Cash Every Month: ITAT Says Disclosed Rental Income Can Explain Household Expenses

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The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted an addition of Rs.1.20 lakh made on account of alleged low household withdrawals after observing that the assessee had sufficient disclosed rental income to meet personal and household expenses.  The bench of Yogesh Kumar Us, (Judicial Member) and Sanjay Awasthi (Accountant Member) has…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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