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HomeDirect TaxAdditions Citing Unexplained Cash Credits Inapplicable Where No Books Maintained: ITAT Treats...

Additions Citing Unexplained Cash Credits Inapplicable Where No Books Maintained: ITAT Treats Entire Bank Deposits As Business Receipts of Fruit Trader

Direct Tax

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By Mariya Paliwala
Additions Citing Unexplained Cash Credits Inapplicable Where No Books Maintained: ITAT Treats Entire Bank Deposits As Business Receipts of Fruit Trader

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The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has held that additions under Section 68 of the Income Tax Act, 1961 cannot be sustained where the assessee does not maintain books of account and the bank deposits are explainable as business receipts.  The bench of  Keshav Dubey (Judicial Member) and Waseem Ahmed (Accountant…

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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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