Petrol Pump Cash Turnover During Demonetisation Cannot Be Ignored: ITAT Dehradun

Sanjay Tewari Vs Circle-2(1)(1) (ITAT Dehradun) The ITAT Dehradun partly allowed the assessee’s appeal for AY 2017-18 concerning additions made under Section 68 for cash deposits of Rs.2,05,24,000 and Rs.10,50,000 during the demonetisation period. The CIT(A) had deleted an addition of Rs.10,00,000 while confirming Rs.2,05,74,000. The Tribunal noted that there was no dispute that the assessee, an individual running a petrol pump under Bharat Petroleum Corporation Ltd., operated in a sector where cash turnover could not be entirely ruled out. It also observed that the assessee had furnish...