Cash deposit by petrol pumps during demontisation partly allowed by Delhi ITAT

Yogesh Malik Vs ACIT (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal partly allowed the appeal for Assessment Year 2017–18 concerning the tax treatment of cash deposits made during the demonetisation period. The assessee’s appeal arose from an order passed under section 143(3) of the Income Tax Act, which had been upheld by the Commissioner (Appeals), NFAC. The assessee did not appear at the hearing and was proceeded against ex parte. The central issue involved cash deposits of ₹1,12,56,371 that were treated as unexplained under section 68 read with section 115BBE. The ...