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Delayed Cash Deposits During Demonetization due to unforeseen circumstances Justified: ITAT Bangalore
Case Law Details
- Case Name
- Kandaswamy Mohan 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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Kandaswamy Mohan Vs ACIT (ITAT Bangalore)
ITAT Bangalore held that delay in cash deposits, during demonetization, due to unforeseen circumstances like laxmi pooja and staff vacations post deepavali doesn’t imply fabricated income or an afterthought explanation. Hence, addition liable to be deleted.
Facts- The assessee is an individual and engaged in the business of trading of areca nuts. During the demonetization period, the assessee has made cash deposits amounting to ₹ 37,00,000/-. In the books of proprietary concern M/s Eswar Supari the assessee shows receipt of cash amounting to Rs. â‚...
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