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Jewellery Trade Cash Deposits During Demonetization – ITAT Jaipur Deletes Addition
Case Law Details
- Case Name
- Alka Khandaka Vs ITO (ITAT Jaipur)
- 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 Jaipur
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Alka Khandaka Vs ITO (ITAT Jaipur)
ITAT Jaipur deletes ₹44.61 lakh addition – Cash deposits during demonetization held as explained through recorded sales
Assessee, proprietor of M/s Alka Gems, engaged in jewellery trade, filed ITR u/s 44AD declaring income of ₹12.53 lakh on sales of ₹80.54 lakh. During scrutiny, AO noticed cash deposits of ₹44.61 lakh in United Bank of India between 9.11.2016 & 30.12.2016 (demonetization period). AO held that Assessee failed to prove the genuineness of purchases & sales, as one of the suppliers, M/s Parijat International, wa...
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