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ITAT Bangalore : Demonetisation Cash Deposits Cannot be Added u/s 68 When Supported by Books – GP Addition Deleted Without Defects in Accounts
Case Law Details
- Case Name
- Suhas Ramesh Rao Rangadhol Vs ITO (ITAT Bangalore)
- 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 Bangalore
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Suhas Ramesh Rao Rangadhol Vs ITO (ITAT Bangalore)
Assessee challenged addition of ₹33.20 lakh u/s 68 r.w.s 115BBE towards demonetisation cash deposits & GP addition of ₹94,903. AO treated SBN deposits as unexplained despite assessee showing cash balances across three proprietary concerns & offering sales in books.
ITAT held that assessee had sufficient cash on hand as on 09-11-2016 reflected in regular books & not disproved by AO. Mere deposit of existing cash during demonetisation cannot be treated as unexplained unless books are rejected or cash balance shown as fictitious. ...
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