The Andhra Pradesh High Court while upholding the Income Tax addition as unexplained income held that the unexplained negative cash balance cannot be justified by unverified cash gifts. A Division Bench comprising Justice R. Raghunandan Rao and Justice T.C.D. Sekhar upheld the decision of the Income Tax Appellate Tribunal (ITAT) rejecting a taxpayer’s claim that…
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HomeDirect TaxUnexplained Negative Cash Balance Can’t Be Justified by Unverified Cash Gifts: Andhra...
Unexplained Negative Cash Balance Can’t Be Justified by Unverified Cash Gifts: Andhra Pradesh HC
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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