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Only Unexplained Portion of Cash Deposits Can Be Taxed: ITAT Chennai
Case Law Details
- Case Name
- Shernickraj Vs ITO (ITAT Chennai)
- 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 Chennai
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Shernickraj Vs ITO (ITAT Chennai)
ITAT Chennai: Only Real Unexplained Portion of Cash Deposits Taxable; Section 115BBE @ 60% Not Applicable to Pre-1.4.2017 Transactions
The Chennai Bench of the ITAT, in Shri Shernickraj v. ITO (AY 2017-18), dealt with addition on account of cash deposits during the demonetisation period and the applicable tax rate under section 115BBE. The assessee, engaged in a small facilitation business of collecting cash from the public and making online payments on their behalf (electricity bills, ticket bookings, transfers, etc.), had deposited ₹8.50 lakh in cash. The ...
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