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Demonetisation Cash Deposits: ITAT Cuts Section 68 Addition to ₹2 Lakh as Books Not Rejected
Case Law Details
- Case Name
- Gandaram & Sons Jewellers Pvt Ltd Vs ACIT (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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Gandaram & Sons Jewellers Pvt Ltd Vs ACIT (ITAT Delhi)
Demonetisation Cash Deposits Largely Accepted: ITAT Restricts Addition to ₹2 Lakh and Disallows Section 115BBE for AY 2017-18
The Delhi ITAT partly allowed the appeal of Gandaram & Sons Jewellers Pvt. Ltd. and substantially reduced the addition made on account of cash deposits during the demonetisation period. The Assessing Officer had treated ₹2.25 crore as unexplained cash credit under Section 68 out of total deposits of ₹3.71 crore, after giving credit for income declared under IDS-2016, and the CIT(A) had confirmed the ad...
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