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Cash Deposit Explained, Books Not Rejected: Section 68 Addition Collapses
Case Law Details
- Case Name
- DCIT Vs Bajla Motors Private Limited (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-2019
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Bajla Motors Private Limited (ITAT Kolkata)
ITAT Kolkata dismissed Revenue’s appeal against deletion of addition of ₹6.52 crore made u/s 68 towards cash deposits in assessee’s bank account. AO alleged unexplained cash deposits without demonstrating how the impugned figure was arrived at, despite accepting audited books of account & not invoking section 145(3).
CIT(A) recorded that cash deposits were fully explained by realization of opening debtors of about ₹4.96 crore, cash realization from current year sales of about ₹4.08 crore & opening cash in hand of about ₹37...
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