Case Law Details
Shiva Goods Carrier Pvt Ltd Vs DCIT (ITAT Lucknow)
ITAT Lucknow held that addition towards cash deposited during demonetization period as unexplained deposit under section 68 of the Income Tax Act set aside for de novo proceedings.
Facts- In the case of M/s Shiva Goods Carrier Pvt. Ltd., assessment order was passed u/s. 143(3) of the Income Tax Act, 1961 whereby the assessee’s total income was determined at Rs.81,80,860/- as against returned income of Rs.34,20,860/-. In the aforesaid assessment order, an addition of Rs.47,60,000/- was made u/s 68 of the IT Act.
AO treated the aforesaid amount of Rs.47,60,000/- as unexplained deposit of specified bank notes i.e. (old bank notes of 500 and 1000 denominations (“SBN” for short) as unexplained; and invoked section 68 read with section 115BBE of the IT Act, resulting in the aforesaid addition of Rs.47,60,000/-.
CIT(A) dismissed the appeal. Being aggrieved, the present appeal is filed.
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