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Recorded Cash Receipts Cannot Be Treated as Unexplained Money: Bangalore ITAT
Case Law Details
- Case Name
- Mysore Diagnostic Center Private Limited Vs ACIT (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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Mysore Diagnostic Center Private Limited Vs ACIT (ITAT Bangalore)
Bangalore ITAT Deletes Demonetisation Addition; Recorded Cash Receipts Cannot Be Treated as Unexplained Money
The Bangalore ITAT in Mysore Diagnostic Center Pvt. Ltd. v. ACIT deleted the addition of ₹13.36 lakh made under section 69A in respect of cash deposits during the demonetisation period. The Assessing Officer had treated part of the cash deposits as unexplained on the ground that the assessee had accepted specified bank notes (SBNs) after demonetisation.
The Tribunal noted that the deposits were fully r...
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