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No addition for duly explained cash deposit during demonetisation
Case Law Details
- Case Name
- R.S. Diamonds India Private Limited Vs ACIT (ITAT Mumbai)
- 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 Mumbai
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R.S. Diamonds India Private Limited Vs ACIT (ITAT Mumbai)
The Assessing Officer noticed that the assessee has deposited a sum of Rs. 45 lakhs into its bank account during demonetization period. It was explained that the above said amount represented cash balance available in its books of account, which included advance received from the customers towards sale over the counter. The Assessing Officer asked the assessee to provide details of customer who had given advances. It was explained that each sale made to the customer was less than Rs. 2 lakhs per transaction and hence it...
