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Demonetisation Cash Deposits Taxed Due to Unreliable Cash Sales Claim
Case Law Details
- Case Name
- Gurdas Mal Arora Vs Assessing Officer (ITAT Lucknow)
- 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 Lucknow
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Gurdas Mal Arora Vs Assessing Officer (ITAT Lucknow)
Demonetisation Cash Deposits Upheld as Unexplained — ITAT Lucknow Confirms Addition u/s 69A & Salary Disallowance u/s 40A(2)(b)
The Lucknow Bench of the ITAT dismissed the assessee’s appeal for AY 2017-18 and upheld the addition of ₹1.93 crore as unexplained money on account of cash deposits made during the demonetisation period, along with disallowance of ₹23.06 lakh under section 40A(2)(b).
Key findings of the Tribunal were as follows:
Cash deposits during demonetisation not explained: The assessee, a jeweller, claimed th...
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