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ITAT Bangalore Accepts Cash Advances from Flower Buyers – Deletes ₹34.50 Lakh Addition

Case Law Details

Case Name
Kodiyalam Floriculture private Limited Vs ITO (ITAT Bangalore)
Date of Judgement/Order
Only available for paid members
Related Assessment Year
2017-18
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Kodiyalam Floriculture private Limited Vs ITO (ITAT Bangalore) ITAT Bangalore Accepts Cash Advances from Flower Buyers – Deletes ₹34.50 Lakh Addition- No Enquiry, No Addition: ITAT Bangalore Quashes Cash Deposit Addition in Floriculture Case Bangalore Tribunal examined whether cash deposits during demonetisation represented unexplained income u/s 69A or advances received from customers. Assessee, engaged in leasing of agricultural land & floriculture (cultivation & sale of roses), filed ROI declaring ₹12,180 taxable income & ₹39.58 lakh agricultural income. During scrutiny,...
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Author Info

CA Vijayakumar Shetty
Qualification: CA in Practice
Company: Shetty & Co, Chartered Accountants, Mangalore
Location: Mangalore, Karnataka
Articles Published: 5,510

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