Credit Entries in Saving Account Cannot be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT quashes Reassessment Proceedings initiated based on Conjectures and Surmises [Read Order]

Credit Entries in Saving Account - Unexplained Cash Credit - Income Tax Act - ITAT - Reassessment Proceedings - Conjectures and Surmises - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Delhi bench held that credit entries in the savings account in a bank could not be treated as unexplained cash credit under Section 68 of the Income Tax Act, 1961. Therefore, the bench quashed the reassessment proceedings initiated based on conjectures and surmises. The assessee, Vikas Arora, a non-resident…

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