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ITAT Mumbai – Entire Demonetisation Cash Addition Deleted; Belated VAT Returns not Ground for Sec.68 Addition
Case Law Details
- Case Name
- P.V. Media Vision Pvt. Ltd Vs ACIT (ITAT Mumbai)
- 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 Mumbai
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P.V. Media Vision Pvt. Ltd Vs ACIT (ITAT Mumbai)
The assessee company faced addition of ₹4.74 cr u/s 68 towards cash deposits during FY 2016-17 (including demonetisation period). The AO treated the whole cash deposit as unexplained alleging fabricated cash sales, doubtful debtor recoveries & abnormal cash balances.
On appeal, CIT(A) accepted that cash deposits largely arose from regular business activities such as cash sales, debtor recoveries & earlier cash withdrawals, supported by audited books, VAT returns & historical data, and deleted ₹4.06 cr. However, C...
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