Cash withdrawn & re-deposited cannot be treated as turnover for profit estimation

Sh. Sita Ram Saini Vs ITO (ITAT Jaipur)

Income Tax Appellate Tribunal (ITAT), Jaipur Bench, has ruled in favour of an assessee, Sh. Sita Ram Saini, holding that cash withdrawn from a bank and subsequently re-deposited cannot be treated as business turnover for the purpose of estimating profit. The decision, delivered in the case of Sh. Sita Ram Saini Vs ITO, sets aside the order of the Commissioner of Income Tax (Appeals) and provides significant relief to the taxpayer for the assessment year 2014-15.

The case centred on large cash deposits amounting to ₹79,95,179 m

Please become a Premium member. If you are already a Premium member, login here to access the full content.