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Demonetisation Cash Deposits Explained by Recorded Cash Sales: ITAT Delhi Deletes Addition
Case Law Details
- Case Name
- Banarsi Das Gupta HUF Vs ITO (ITAT Delhi)
- 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 Delhi
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Banarsi Das Gupta HUF Vs ITO (ITAT Delhi)
Demonetisation Cash Deposits Explained by Cash Sales Recorded in Books: ITAT Delhi Deletes Addition
The Delhi Bench of the ITAT allowed the assessee’s appeal and deleted the addition of ₹46.80 lakh made on account of cash deposits during the demonetisation period for AY 2017-18. The Assessing Officer had treated the deposits as unexplained, alleging that the cash sales preceding demonetisation were artificial, confined to a short period, supported by handwritten invoices with buyers shown as “cash,” and lacked proper identification of purchaser...
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