Case Law Analysis
|Income Tax Appellate Tribunal
Section 69 IT Act | Cash Deposits Taxable Only on Proof of Beneficial Ownership : ITAT Ahmedabad Limits Tax Addition to Peak Balance & Commission Income
ITAT Ahmedabad rules that unexplained cash deposits under Section 69 IT Act cannot be taxed in full without evidence linking the assessee to beneficial ownership. The tribunal directed reassessment based on peak balance and permissible commission income, narrowing the scope of tax additions for accommodation entries.