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ITAT Limits Addition to 0.05% of Gross Total for Cash Deposits in Bogus Business Activities
Case Law Details
- Case Name
- Rajendra Gokuldas Parekh Vs ITO (ITAT Mumbai)
- 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 Mumbai
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Rajendra Gokuldas Parekh Vs ITO (ITAT Mumbai)
Introduction: The Income Tax Appellate Tribunal (ITAT) Mumbai recently delivered a crucial decision in the case of Rajendra Gokuldas Parekh vs Income Tax Officer (ITO). The appeals, pertaining to the assessment years 2011-12 and 2012-13, address common issues related to cash deposits in various proprietorship concerns engaged in alleged bogus business activities.
Detailed Analysis: The ITAT considered the appellant’s arguments challenging the addition of Rs. 765,553 (1% of total credit amount) made by the assessing officer. The appellant, den...
