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ITAT Chennai Deletes Demonetisation Addition – Cash Deposits from Recorded Business Receipts Cannot Be Taxed u/s 69
Case Law Details
- Case Name
- VR Dairy Private Limited Vs ITO (ITAT Chennai)
- 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 Chennai
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VR Dairy Private Limited Vs ITO (ITAT Chennai)
ITAT Chennai Deletes Demonetisation Addition – Cash Deposits from Recorded Business Receipts Cannot Be Taxed u/s 69
The assessee company engaged in procurement and distribution of cow milk filed its return declaring a loss. During scrutiny, the AO treated cash deposits of ₹49.77 lakh made between 10.11.2016 and 16.12.2016 (demonetisation period) as unexplained investment and added the same u/s 69. The CIT(A) confirmed the addition on the ground that the assessee failed to satisfactorily explain the source of the deposits.
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