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Security Deposits from Contractors Not Cash Credits: ITAT Upholds Deletion of ₹22.61 Cr Addition
Case Law Details
- Case Name
- ACIT Vs Patil Construction and Infrastructure Limited (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
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ACIT Vs Patil Construction and Infrastructure Limited (ITAT Pune)
Security Deposits from Contractors Not Cash Credits: ITAT Upholds Deletion of ₹22.61 Cr Addition
The Income Tax Appellate Tribunal, Pune Bench, in ACIT vs Patil Construction and Infrastructure Ltd., upheld deletion of ₹22.61 crore added under Section 68, holding that security deposits/retention money from contractors are genuine trade liabilities and not unexplained cash credits.
The Assessing Officer treated deposits from contractors as non-genuine and taxed ₹22.61 crore as unexplained income, alleging lack of identity, c...
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