Section 115BBE Inapplicable: ITAT Rules Higher Tax Rate Not for FY 2016-17 Cash Deposits

Hira Lall & Sons (Exports) (P) Ltd. Vs ITO (ITAT Delhi)

Reasonable estimation is justified when partial verification is lacking & Sec 115BBE not applicable to FY 2016-17- ITAT Delhi

Assessee is an established exporter engaged in regular business activity. During the demonetisation period, it deposited ₹32.86 lakh in cash into its bank account. In scrutiny assessment u/s 143(3),  AO treated the entire cash deposit as unexplained cash credit u/s 68, taxed it at the higher rate u/s 115BBE, &  the CIT(A) upheld the addition.

Before the Tri

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