Case Law Analysis
|Income Tax Appellate Tribunal
Section 68 IT Act | Cash Deposits from Disclosed Sales Cannot Be Taxed as Unexplained Income : ITAT Mumbai
ITAT Mumbai rules that cash deposits derived from disclosed sales, already offered for taxation, cannot be reclassified as unexplained income under Section 68 of the IT Act. The ruling prevents double taxation and reinforces the principle that only unverified or undisclosed sources can be taxed as unexplained credits.