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ITAT Chennai Deletes Demonetisation Cash Deposit Addition as Source Explained
Case Law Details
- Case Name
- PR & Co. 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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PR & Co. Vs ITO (ITAT Chennai)
ITAT Chennai Deletes Section 68 Addition on Demonetisation Cash Deposits: Source Explained Through Debtors’ Collections
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) allowed the assessee’s appeal for AY 2017-18 and deleted the addition of ₹19.56 lakh made under section 68 in respect of cash deposits in specified bank notes (SBNs) during the demonetisation period.
The assessee, a partnership firm engaged in wholesale and retail trading of rice, explained that the SBN deposits represented collections from sundry debtors, received through c...
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