Dismissing the appeal of the assessee the Court held that; failure of assessee to produce sale deed and cash was deposited in to Bank account even before date of alleged sale agreement. Addition is held to be justified ( AY.2009-10)
J. Stephen v. ITO (2018) 256 Taxman 172 / (2020)425 ITR 561 (Mad) (HC)
S.68: Cash credits- Loan from relative- Cash deposit in to Bank account- Cash deposited from sale of property – Failure to produce sale deed- Cash was deposited even before date of alleged sale agreement- Addition is held to be justified