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Cash deposit cannot be assessed U/s. 68 when cheque deposits were accepted as business turnover
Case Law Details
- Case Name
- Income Tax Officer Vs Sri Shaik Zameer (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Hyderabad
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Income Tax Officer Vs Sri Shaik Zameer (ITAT Hyderabad)
There is no reason why the cash deposits should be assessed U/s. 68 when cheque deposits were accepted as business turnover. We find the reason given by the Ld. CIT(A) in treating the entire amount as turnover is reasonable on the facts of the case. Moreover, income is also estimated as assessee has not co-operated in the proceedings. Since assessee is involved in transport business and income was determined at 10% as against 6% of the AO, we have no option than to confirm the order of CIT(A) in the appeal of Revenue. How...
