Cash Deposit with Substantial Proof of Source Not to be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]

Cash Deposit with Substantial Proof - Unexplained Cash Credit - Income Tax Act - ITAT - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has held that the cash deposit made by the assessee with substantial proof of source shall not be treated as Unexplained Cash Credit under Section 68 of the Income Tax Act, 1961. The Assessing Officer (AO) had noticed cash deposits in various bank accounts held by M/s….

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