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Demonetisation Cash Deposits Not Unexplained: ₹45 Lakh Addition Deleted
Case Law Details
- Case Name
- Arun Rajput 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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Arun Rajput Vs ITO (ITAT Delhi)
Demonetisation Cash Deposit Not Unexplained: Delhi ITAT Deletes Entire ₹45.23 Lakh Addition u/s 69A- AO’s Human-Probability Theory Rejected: Delhi ITAT Accepts Cash Sales & Books, Quashes 69A Addition
Assessee, proprietor of M/s Sunny Jewellers, declared income of Rs.12,93,560. During demonetisation, Assessee deposited cash of Rs.45,23,500 (Rs.43,73,500 + Rs.1,50,000). AO held that Assessee had only Rs.4,57,741 cash-in-hand on 08.11.2016; purchases from relatives were unverifiable; & cash deposits occurred only in the demonetisation window. Applying ...
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