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 Tribunal, Assessee argued that: It had been c...