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Violation of RBI notification not attracts Section 68 addition – Deposit of demonetized notes
Case Law Details
- Case Name
- Sri Bhageeratha Pattina Sahakara Sangha Niyamitha Vs ITO (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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Sri Bhageeratha Pattina Sahakara Sangha Niyamitha Vs ITO (ITAT Bangalore)
The case of the A.O is that the assessee has collected the demonetized notes after 8.11.2016 in violation of the notifications issued by RBI. Accordingly, he has taken the view that the above said amounts represents unexplained money of the assessee. I am unable to understand the rationale in the view taken by A.O. I noticed that the AO has invoked the provisions of sec.68 of the Act for making this addition. I also noticed that the assessee has also complied with the requirements of sec.68 of the Act. The AO has also no...
