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Cash Deposits from Recorded Sales During Demonetization – Addition u/s 68 Deleted
Case Law Details
- Case Name
- Metro Agri Industries Ltd Vs ITO (ITAT Delhi)
- 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 Delhi
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Metro Agri Industries Ltd Vs ITO (ITAT Delhi)
Cash Deposits During Demonetization from Recorded Cash Sales – Addition u/s 68 Deleted ITAT Delhi
Assessee, engaged in manufacturing & trading of rice, filed return declaring Nil income after set-off of unabsorbed depreciation, while declaring book profit of ₹7,80,204/- u/s 115JB & paying MAT. AO noted that during demonetization period, Assessee deposited ₹61,45,000/- cash in bank. AO gave credit for opening cash balance of ₹13,37,249/- but treated balance ₹48,07,751/- as unexplained cash credit u/s 68, holding th...
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