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No Section 69A Addition on Cash Deposits Recorded in Audited Books Where Source Is Explained
Case Law Details
- Case Name
- Rakesh Kumar Vs ITO (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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Rakesh Kumar Vs ITO (ITAT Delhi)
The assessee, engaged in the business of jewellery under the name M/s R.V. Gold Hallmark, filed a return declaring income of ₹8,47,920 for Assessment Year 2017-18. During scrutiny, the Assessing Officer (AO) found that cash of ₹5,60,29,500 had been deposited during the demonetisation period. The assessee explained that the deposits represented advances received in cash from customers before 08.11.2016 for the purchase of bullion, which was later procured from SS Bullion through RTGS payments and supplied to customers.
The AO issued summons to certain custom...
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