Case Law Details
Case Name : Yogesh Kumar Chandrakant Jariwala Vs ITO (ITAT Surat)
Related Assessment Year : 2017-18
Courts :
All ITAT ITAT Surat
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Yogesh Kumar Chandrakant Jariwala Vs ITO (ITAT Surat)
Entire cash deposits from business income during demonetization could not be considered as unexplained however 20% of additions was upheld
Conclusion: Entire cash deposits made during demonetization could not be treated as unexplained credit and a reasonable addition of 20% of total cash deposit would be sufficient to avoid the possibility of revenue leakage. Despite this, Tribunal upheld that 20% of the additions was valid as the assessee could not substantiate the source.
Held: A
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