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Addition towards demonetization cash deposit deleted as made out of cash sales
Case Law Details
- Case Name
- Kashi Nath Seth Sarraf Private Limited Vs ACIT (ITAT Lucknow)
- 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 Lucknow
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Kashi Nath Seth Sarraf Private Limited Vs ACIT (ITAT Lucknow)
ITAT Lucknow held that cash deposits during demonetization period cannot be treated as unexplained credit since the same is made out of cash sales. Accordingly, addition merely on suspicion, doubt, conjecture and guess work cannot be sustained.
Facts- The assessee is in the business of ornaments and jewellery (of gold, silver & diamond) and other items of gold, silver and diamond. The assessee made a total deposit of Rs.10,28,38,468/- in the bank out of cash sales made on 08/11/2016. The aforesaid cash deposits in bank were mad...
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