Disallowance of Income from Business Deposits u/s 69 of Income Tax Act due to Default of Assessee to Submit Details of Source of Cash Deposits: ITAT Restores Matter to AO [Read Order]

By Ipsita Das - On August 22, 2023 10:00 pm - 2 mins read

Disallowance - Income - Income from Business - Income from Business Deposits - Income Tax Act - taxscan

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) held that the assessee has not provided any details as to the source of such cash deposited for the relevant financial year except for stating that these are business receipts, thus The Tribunal remanded this issue back to the AO for necessary verification. The assessee Muniyappa…

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Topics

Commissioner of Income Tax (Appeals)Disallowance Income Tax Act ITAT Bangalore Section 44AD of the Income tax Act,