Case Law Details
Case Name : Sanjeev Kumar Jain Vs ITO (ITAT Delhi)
Related Assessment Year : 2017-18
Courts :
All ITAT ITAT Delhi
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Sanjeev Kumar Jain Vs ITO (ITAT Delhi)
Title 1: Demonetization Cash Addition Deleted: ITAT Accepts Audited Cash Balance for Business Deposits; Higher Tax Rate Inapplicable: ITAT Confirms Sec. 115BBE Cannot Apply to AY 2017-18
Delhi ITAT deleted ₹40.07 lakh added u/s 68 on cash deposits in the Assessee’s proprietary firms, holding that audited books showed sufficient cash balance & AO never doubted sales or purchases.
However, regarding ₹7.5 lakh deposited in the personal HDFC account, Tribunal sustained ₹3.75 lakh for want of evidence. It also held that higher tax u/s 115BBE couldn...
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