Demonetization Cash Deposits Treated as Business Sales, Only 8% Taxable as Income: ITAT Pune

Aurangabad Steel Corporation Vs ITO (ITAT Pune) The Pune Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed an appeal concerning an addition made on account of unexplained cash deposits during the demonetization period for Assessment Year 2017–18. The appeal arose from an assessment completed under section 143(3) of the Income Tax Act, where an addition of ₹38,57,530 was made towards alleged unexplained cash deposits. The assessee, a partnership firm engaged in the business of scrap, had declared an income of ₹3,25,560 and maintained regular books of account, which were not...