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No addition for cash deposit after demonetisation against cash withdrawn before demonetisation
Case Law Details
- Case Name
- Coastal Fertilisers Ltd Vs ITO (ITAT Kolkata)
- 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 Kolkata
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Coastal Fertilisers Ltd Vs ITO (ITAT Kolkata)
We note that the cash sum of Rs. 94,50,000/- was deposited in the bank account held with Union Bank of India, account no. 495601010033544 on 16.11.2016. This date of deposit falls in post-demonetization period. On 08.11.2016 demonetization scheme was announced scrapping of currencies in the Rs. 1,000/& Rs. 500/- notes. Since such large cash deposit was made in post-demonetization period, it was under examination by the income tax Department. The assessee’s case was selected for scrutiny and the source of alleged cash deposit on 16.11.2016 w...
