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No Artificial Split of Bank Credits; Entire Deposits Treated as Business Receipts @ 4%
Case Law Details
- Case Name
- Mohd. Saleem Rather Vs ITO (ITAT Amritsar)
- 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 Amritsar
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Mohd. Saleem Rather Vs ITO (ITAT Amritsar)
The ITAT, Amritsar Bench held that once business activity is accepted, bank deposits cannot be artificially bifurcated into business credits & unexplained cash, merely because part of deposits were made during demonetisation period.
In this case, the assessee, a wholesale trader of mobile phones, had total bank credits of about ₹200.85 lakh, including ₹13.96 lakh cash deposits during demonetisation. While the AO estimated income @ 8% on non-cash credits, he separately treated demonetisation cash deposits as unexplained, which ...
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