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Books Can’t Be Rejected merely for Missing Return: ITAT Deletes ₹1.34 Cr Cash Addition
Case Law Details
- Case Name
- Krishna Gears Private Limited Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
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Krishna Gears Private Limited Vs ITO (ITAT Delhi)
No Return for Earlier Year No Ground to Reject Books/Cash balance- Cash Deposits Explained from Carried Forward Cash-in-Hand – Tribunal Quashes Unexplained Cash Addition
Delhi Tribunal deleted the addition of ₹1.34 crore made as unexplained cash credit & deposit, holding that cash-in-hand duly reflected in audited books cannot be rejected merely because the return for the preceding year was not filed.
Assessee, engaged in manufacturing of industrial gearboxes, had deposited ₹82.76 lakh in cash during the year & explained that the ...
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