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Demonetization Cash Explained – Withdrawals of ₹47 Lakh Save Assessee
Case Law Details
- Case Name
- Satendra Kumar Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Satendra Kumar Vs ITO (ITAT Delhi)
Assessee, a civil contractor, deposited Rs.30.49 lakh in SBNs during demonetization. AO made addition of entire cash deposit of Rs.31.38 lakh u/s 68, rejecting explanation that deposits were sourced from cash withdrawals by Assessee & his son, both engaged in construction business.
CIT(A) held that withdrawals made months earlier could not be treated as kept idle till November 2016 & confirmed addition.
Before Tribunal, Assessee produced complete bank statements showing aggregate cash withdrawals exceeding Rs.47 lakh, of which only Rs.30.49 lakh was d...
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