ITAT deletes Addition Made by AO u/s 68 in the Absence of Incriminating Material [Read Order]

ITAT - AO -Absence - Incriminating- Material-TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has deleted additions made by the Assessing Officer (AO) under Section 68 of the Income Tax Act 1961 which deals with unexplained cash deposits in the absence of any incriminating material. During the assessment proceedings, on the basis of AIR information, the AO noted that cash…

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