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Cash Sales Recorded: ITAT Deletes ₹1 Cr Addition under Section 68
Case Law Details
- Case Name
- DCIT Vs Radhika Diamonds (ITAT Ahmedabad)
- 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 Ahmedabad
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DCIT Vs Radhika Diamonds (ITAT Ahmedabad)
The Income Tax Appellate Tribunal (ITAT) Ahmedabad dismissed the Revenue’s appeal against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], who had deleted an addition of ₹1,00,00,000 made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961, for the assessment year 2017-18 in the case of DCIT vs. Radhika Diamonds. The AO had made the addition, treating a cash deposit of ₹1,00,00,000 during the demonetization period as unexplained income from undisclosed sources, invoking Section 115BBE. The AO’s prim...
