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Cash Deposit Addition Deleted for Petroleum Dealer During Demonetization
Case Law Details
- Case Name
- Sohan Lal Yadav Vs ITO (ITAT Jaipur)
- 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 Jaipur
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Sohan Lal Yadav Vs ITO (ITAT Jaipur)
The appeal in the case of Sohan Lal Yadav vs ITO (ITAT Jaipur) concerned the addition of ₹52.78 lakh under Section 68 of the Income Tax Act, 1961, relating to cash deposits made during the demonetization period in FY 2016-17. The assessee, an authorized petroleum dealer of Indian Oil Corporation Ltd operating a petrol pump at Sunel Road, Pirawa, Jhalawar, Rajasthan since 2005, had deposited cash totaling ₹52.78 lakh in his bank account. The Assessing Officer (AO) treated these deposits as unexplained income due to the absence of satisfa...
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