Cash Deposit in Bank by NRI: ITAT Deletes Addition u/s 68 of Income tax Act in absence of Source to use Cash [Read Order]

Cash - Deposit - Bank - NRI - ITAT - Deletes - Addition - Income tax Act - absence - Source - use Cash - taxscan

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that an addition under Section 68 of the Income Tax Act, 1961 cannot be made in the absence of the source to use the cash deposited in the bank by the NRI. The assessee is a non-resident of individual who has not filed the…

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