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ITAT Upholds Retailer’s Explanation for Cash Deposits – Addition Cut from ₹1.50 Cr to ₹5 Lakh
Case Law Details
- Case Name
- Tankeshwar Gohil 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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Tankeshwar Gohil Vs ITO (ITAT Delhi)
₹1.50 Crore Demonetisation Deposit Partly Sustained – ITAT Restricts Addition to ₹5 Lakh & Rules 115BBE Inapplicable for Pre-April 2017 Transactions
Assessee, engaged in money transfer business through Oxygen Services India Pvt. Ltd., had deposited ₹1.50 crore in cash during demonetisation. AO treated the amount as unexplained money u/s 69A, taxed u/s 115BBE, & CIT(A) upheld the same.
Before Tribunal, Assessee furnished a detailed paper book of 517 pages, containing records of customer transactions & business activities, contending that ...
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