No Artificial Split of Bank Credits; Entire Deposits Treated as Business Receipts @ 4%

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 phonesPlease become a Premium member. If you are already a Premium member, login here to access the full content.