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Demonetisation Cash Deposits: Section 68 Addition Partly Upheld by ITAT Pune
Case Law Details
- Case Name
- Kishor Vitthal Kolhe Vs DCIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
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Kishor Vitthal Kolhe Vs DCIT (ITAT Pune)
Demonetisation Cash Deposits: ITAT Pune Partly Sustains Section 68 Addition, Grants 50% Relief
The Pune Bench of the ITAT partly allowed the appeal of an individual assessee for AY 2017-18, restricting the addition made under section 68 read with section 115BBE in respect of cash deposits during the demonetisation period.
The assessee, engaged in travel agency and petrol pump business, had deposited cash of ₹2.60 crore during demonetisation. The Assessing Officer observed a sharp and unexplained increase in cash-in-hand from ₹1.02 crore as on 01.04....
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