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Demonetization Cash Deposit: 69 Addition Sustained but 115BBE @60% Not Applicable Before 01.04.2017
Case Law Details
- Case Name
- Dilbag Singh Vs ITO (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Chandigarh
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Dilbag Singh Vs ITO (ITAT Chandigarh)
ITAT Chandigarh dealt with addition of ₹3.19 Lakh u/s 69 r.w.s. 115BBE out of total demonetization-period cash deposit of ₹14.19 Lakh. AO accepted agricultural income to that extent & added the balance ₹3.19 Lakh as unexplained.
CIT(A) confirmed the addition. Assessee did not appear before Tribunal. Tribunal noted that Assessee himself admitted inability to explain source of ₹3.19 Lakh; hence the addition could not be deleted. However, Tribunal held that the enhanced rate of 60% u/s 115BBE is not applicable to transactions prior to 01.04.2017, ...
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