ITAT Rules Professional Receipts Cannot Be Treated as Unexplained

Laxmi Agarwal Vs ACIT (ITAT Kolkata) Assessee  having income from  medical profession only-  cash deposits were genuine receipts–  Kolkata Trib  quashes 115BBE Levy Assessee, a medical practitioner, filed return for AY 2017-18 declaring income of ₹71.29 lakh.  AO completed assessment at ₹1.02 crore by making two additions – (i) ₹28.27 lakh deposited during demonetization treated as unexplained cash credit u/s 68 & taxed @60% u/s 115BBE, and (ii) disallowance of ₹4.05 lakh towards capital expenditure. In appeal, CIT(A) upheld AO’s action, observing that cash retention &a...