This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Cash Deposits Linked to Sales Cannot Be Taxed Again – Entire Additions Deleted; Assessee Appeal Allowed & Revenue Dismissed
Case Law Details
- Case Name
- K.M. Textiles Export Private Limited Vs ITO (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
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
K.M. Textiles Export Private Limited Vs ITO (ITAT Mumbai)
ITAT Mumbai allowed assessee’s appeal and dismissed Revenue’s cross appeal in reassessment proceedings u/s 147 r.w.s. 143(3), holding that additions on cash deposits and alleged bogus purchases were unsustainable. AO had added ₹4.60 crore treating entire year’s cash deposits as unexplained though demonetisation deposits were only about ₹16.69 lakh. Tribunal noted that regular books, cash book, cash flow statements and reconciliations established clear nexus between deposits and recorded sales; once sales were ...
Author Info
