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ITAT restricts Demonetization Cash Deposit Addition to 10% Due to sufficient Cash Withdrawals
Case Law Details
- Case Name
- Om Sai Contractors Vs ITO (ITAT Surat)
- 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 Surat
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Om Sai Contractors Vs ITO (ITAT Surat)
ITAT Surat held that addition towards cash deposited during demonetization restricted to 10% of total deposit since assessee fully substantiated the cash deposit showing sufficient withdrawal. Accordingly, appeal partly allowed.
Facts- Assessee is a firm engaged in business of job work of paintings of buildings, leasing of plant & machineries and equipment on contract. The case was selected on the issue of cash deposits of Rs.40,00,000/- in its bank account during demonetization period. AO treated the cash deposit ofRs.40,00,000/- as unexplained and a...
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