ITAT Upholds Retailer’s Explanation for Cash Deposits – Addition Cut from ₹1.50 Cr to ₹5 Lakh

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 ...