ITAT Upholds Demonetisation Cash Deposit as Because No Cash Book or Sales Evidence Produced

Dentspro India Pvt Ltd Vs ITO (ITAT Bangalore) The assessee, a private limited company, filed its return for Assessment Year 2017-18 declaring income of ₹62,41,000. During scrutiny, the Assessing Officer (AO) found that the assessee had deposited cash of ₹3 lakh in Corporation Bank and ₹44,07,500 in ICICI Bank during the demonetisation period, aggregating to ₹47,07,500. The assessee claimed that the deposits originated from sales and opening cash balances available with its branches. However, the AO was not satisfied with the explanation and made an addition of ₹47,07,500 under Sect...