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ITAT Deletes 69A Additions as Cash Deposit from Pre-Demonetisation Balance & Flat Purchase Through Book-Entry Proven
Case Law Details
- Case Name
- Kirit Kumar Patel Vs ITO (ITAT Hyderabad)
- 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 Hyderabad
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Kirit Kumar Patel Vs ITO (ITAT Hyderabad)
Both Additions u/s 69A Deleted: Cash Deposit from Pre-Demonetisation Balance & Flat Purchase Through Book-Entry Proven
Hyderabad Tribunal examined two additions made u/s 69A+Rs.14,00,000 deposited during demonetisation & Rs.79,60,000 towards flat purchase. Assessee demonstrated that his proprietorship accounts for AY 2016–17 were duly audited before demonetisation, reflecting a genuine cash-in-hand of Rs.20,94,588 as on 31.03.2016, much prior to 08.11.2016. Personal day-to-day cash statement showed continued drawdown leading ...
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