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Demonetisation Deposits Explained by Opening Balance: ITAT Delhi Deletes 68 Addition
Case Law Details
- Case Name
- DCIT Vs Nivaya Resources Pvt. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs Nivaya Resources Pvt. Ltd. (ITAT Delhi)
Cash Deposits During Demonetisation Explained by Opening Imprest Balance: ITAT Delhi Rejects Section 68 Addition
The Delhi Bench of the ITAT dismissed the Revenue’s appeal and partly allowed the assessee’s cross-objection in a case involving cash deposits made during the demonetisation period. The Assessing Officer had treated cash deposits of ₹2.12 crore as unexplained under section 68, alleging that the assessee failed to justify the source and also rejected the books under section 145(3).
The Tribunal upheld the CIT(A)’s finding that t...
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