Real Estate Cash Holdings Normal, Demonetization Deposits Not Taxable Without Evidence

Shree Balaji Associates Vs ITO (ITAT Surat) Income Tax Appellate Tribunal (ITAT) Surat bench has ruled that cash on hand in a real estate business should not be automatically deemed “unexplained” solely due to deposits made during the demonetization period. The Tribunal, in the case of Shree Balaji Associates Vs ITO, partly allowed the assessee’s appeal, reducing the addition made by tax authorities and clarifying the applicability of higher tax rates. The case pertains to the assessment year 2017-18, a period directly impacted by the demonetization drive initiated in November 20...