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Cash Deposits During Demonetisation from Accounted Sales Cannot Be Taxed Again: ITAT Bangalore

Case Law Details

Case Name : Perumal Karthik Vs ITO (ITAT Bangalore)
Related Assessment Year : 2017-18
Courts : All ITAT ITAT Bangalore
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Perumal Karthik Vs ITO (ITAT Bangalore) ITAT Bangalore Deletes Additions on Demonetisation Cash & Lorry Cost — Fish Trader’s Books Found Genuine & Audited Assessee, a small fish trader from Bhadravathi, filed return declaring ₹6.99 lakh income on total sales of ₹2.72 crore. During scrutiny, AO noted cash deposits of ₹9.51 lakh (₹9.09 lakh in old notes) during demonetisation & made addition of ₹7.46 lakh treating it as unexplained. AO also added ₹4 lakh alleging inflated cost of lorry purchase & excessive depreciation, as part of payment for body-building was lat...
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Name: CA Vijayakumar Shetty
Qualification: CA in Practice
Company: Shetty & Co, Chartered Accountants, Mangalore
Location: Mangalore, Karnataka, India
Member Since: 17 Feb 2018 | Total Posts: 5443
CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

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