Cash deposit cannot be treated as unexplained without rejecting books of Account

Pilani Industrial Corporation Limited Vs ACIT (ITAT Delhi)

In the case of Pilani Industrial Corporation Limited Vs ACIT, heard by the Income Tax Appellate Tribunal (ITAT) Delhi, the issue revolved around cash deposits during the demonetization period. The appellant, Pilani Industrial Corporation Limited, contested against the assessment order of the Assessing Officer (AO) regarding the treatment of cash deposits amounting to Rs. 65,49,189/- under section 69A of the Income Tax Act, alleging failure to establish the source of the deposits.

The appellant explained during the as

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