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ITAT Mumbai Upholds 8% Presumptive Income on Demonetisation Cash Deposits
Case Law Details
- Case Name
- Javed Munir Khan Vs ITO (ITAT Mumbai)
- 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 Mumbai
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Javed Munir Khan Vs ITO (ITAT Mumbai)
Demonetisation Cash Deposits: Presumptive Income @8% Upheld — ITAT Dismisses Assessee’s Appeal
The Mumbai Bench of the Income Tax Appellate Tribunal dismissed the assessee’s appeal for AY 2017-18 and upheld the CIT(A)’s approach of taxing only the profit element embedded in cash deposits made during and after the demonetisation period.
The case involved substantial cash deposits aggregating to ₹1.13 crore during demonetisation and ₹92.64 lakh post-demonetisation. The Assessing Officer treated the deposits as unexplained under section 69A and es...
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