ITAT upholds Addition for Unexplained Cash Credit due to Failure to prove Genuineness of Transaction using Demonetized Currencies [Read Order]

Unexplained Cash Credit - Transaction - Demonetized Currencies - taxscan

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) upheld the addition for unexplained cash credit due to failure to prove the genuineness of transaction using demonetized currencies The assessee challenged the order of the Commissioner of Income Tax (Appeals) – National Faceless Appeal Centre (NFAC), New Delhi dated 17.11.2021 relevant to the assessment…

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