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Demonetization Cash Deposits: Not Unexplained Money with Established Cash Sales History
Case Law Details
- Case Name
- ACIT Vs Himachal Fibres Limited (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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ACIT Vs Himachal Fibres Limited (ITAT Delhi)
In a recent case between ACIT (Assistant Commissioner of Income Tax) and Himachal Fibres Limited, the issue at hand was whether cash deposits made in bank accounts during the demonetization period could be treated as unexplained income. The crux of the matter revolved around the fact that the taxpayer had a history of cash sales and whether the Assessing Officer (AO) had valid grounds to question these deposits.
Detailed Analysis
The taxpayer, Himachal Fibres Limited, filed its income tax return for the assessment year 2017-18, reporting a loss of R...
