Cash Deposit Case: Only 10% Addition, Section 115BBE Not Applicable

Manharlal Keshavlal Bhimjiyani Vs ITO (ITAT Rajkot) Cash Deposit of ₹31 Lakh Largely Explained; ITAT Rajkot Restricts Addition to 10% on Estimation, Deletes Section 115BBE Levy The Rajkot SMC Bench of the Income Tax Appellate Tribunal, Rajkot Bench partly allowed the appeal of Shri Manharlal Keshavlal Bhimjiyani for AY 2017-18, granting substantial relief from an addition of ₹31,00,000 made under section 69A read with section 115BBE on account of cash deposits. The assessee had deposited ₹31 lakh during FY 2016-17. He explained that the cash originated mainly from earlier withdrawals of ...